We only have one more official fee to discuss in connection with a property deal _ the stamp duty, which is in addition to the fees mentioned last week. This is 0.005% of the appraised price of the property or the purchase price, whichever is higher.
There is one break from the government in connection with stamp duty. If specific business tax is paid on the deal, no stamp duty need be paid. You'll recall that there is a specific business tax of 3.3% of the purchase price or the assessed price, whichever is higher. The sale is exempt from specific business tax if the owner has held it for more than five years or if the owner's name has been in the blue book for more than one year.
There are other reasons a property transaction can be exempted from specific business tax. For example, transfers from a son or daughter or a statutory heir may also be exempt from specific business tax. Another example is if the property being sold was previously expropriated.
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