Minister of Finance, Mr Tito Mboweni, delivered the National Treasury’s budget for 2020/2021 on Wednesday 26 February 2020. Important to note in relation to the property market is that the transfer duty exemption has been increased to R1 million.
From 1 March 2020, transfer duty rates will be as follows:
| Value of property | Rate |
| Up to R 1 000 000 | 0% |
| R1 000 001 – R1 375 000 | 3% of the value above R1 000 000 |
| R1 375 001 – R1 925 000 | R11 250 + 6% of the value above R 1 375 000 |
| R1 925 001 – R2 475 000 | R44 250 + 8% of the value above R 1 925 000 |
| R2 475 001 – R11 000 000 | R88 250 +11% of the value above R2 475 000 |
| R11 000 001 and above | R1 026 000 + 13% of the value exceeding R11 000 000 |