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What you need to know

What To Do With Your Transfer Tax Bonanza?

If your property will be up for sale after April 1, 2019, you stand to gain a savings of 3 percent in transfer tax more than if you closed before April 1, 2019. This is no April Fool’s joke. It’s an edict, a giveaway, a bonanza—call it what you will—from the government of Jamaica. At the time of writing, sellers now pay a transfer tax of 5 percent of the sale price of a property. After April 1 the tax will fall to 2 percent. Therefore, if you are selling your property for, say, $25 million, instead of paying the government $1.25 million in transfer tax you will only pay $500,000 after April 1. A substantial savings, indeed. What will you do with your transfer tax bonanza?

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