Whenever a property is transferred from one entity to another, or there is a private sale between family or friends, there is a need for a certified property valuer to complete a sworn property valuation report on the property to submit to the Office of State Revenue for Stamp Duty purposes.
Stamp Duty is revenue that is payable to the State Revenue Office based on the value of the property. The amount that a purchaser pays varies, with the latest standard transfer duty rates being as per the following:
|Property value||Transfer duty rate|
|$0 to $14,000||$1.25 for every $100 (the minimum is $10)|
|$14,001 to $30,000||$175 plus $1.50 for every $100 over $14,000|
|$30,001 to $80,000||$415 plus $1.75 for every $100 over $30,000|
|$80,001 to $300,000||$1,290 plus $3.50 for every $100 over $80,000|
|$300,001 to $1 million||$8,990 plus $4.50 for every $100 over $300,000|
|Over $1 million||$40,490 plus $5.50 for every $100 over $1 million|
Sydney Property Valuers is a reputable property valuation firm that services the Sydney Metropolitan area that has been providing valuation services for many years. Our property valuers are all accredited under the Australian Property Institute (API) and have over 10 years’ experience, totalling over 150 years combined experience. For a valuation report to be accepted for Stamp Duty purposes, it must be completed by a registered valuer.
For a free quote, please contact us today on (02) 8599 9840 or fill out an online enquiry form, and one of our staff will be ready to assist you as soon as possible.