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Message: [QUOTE="Munyaradzi Mafaro, post: 31670, member: 636"] Buying houses comes with taxes like stamp duty. This tax kicks in when you register new land or buildings under your name. The law calls this stamp duty, and Zimbabwe follows rules from two main laws when figuring out how much you pay. Buyers always cover stamp duty costs, never sellers. The price depends on what your house costs - more expensive places face higher tax rates. Many first-time buyers wonder exactly who pays this tax and how much they should budget for it. The person who buys property must pay all stamp duties. Officials charge this tax based on what your property costs right when you buy it. They look at either the fair market value or the actual price you paid, whichever makes more sense. The tax office counts from the day you sign your purchase agreement or when you legally gain rights to the property. Most people just use the purchase price when they calculate what they owe the government. Different property prices face different tax rates. Houses worth up to $5,000 need just 1% plus $70 extra. Properties between $5,000 and $20,000 cost 2% plus $70. Mid-range places from $20,000 to $100,000 require 3% plus $370. Anything worth over $100,000 demands 4% plus $2,770. These percentages apply only to portions within each price range, not the entire value all at once. This helps keep taxes somewhat fair between cheaper and more expensive homes. Let me show how this works with real numbers. A $4,000 house needs $110 in stamp duty. You take 1% of $4,000, which equals $40, then add $70 for a total of $110. A $50,000 house needs $1,270 in stamp duty. You calculate 3% of the amount over $20,000, which means 3% of $30,000, giving you $900. Add $370 to reach $1,270 total. For a $120,000 house, stamp duty equals $3,570. This comes from 4% of the amount over $100,000 (4% of $20,000 = $800) plus $2,770. You might qualify for exemptions in certain situations. The law excuses people from paying stamp duty when they inherit property from family members. Divorced couples splitting assets under court orders also avoid this tax. Churches, charities, and schools approved by the government minister can skip paying stamp duty as well. Remember stamp duty as just one expense among many when planning to buy a property. Smart buyers include this tax in their budget ahead of time rather than face surprise costs later on. [/QUOTE]

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