Pensioners downsizing to a new home duty concession
This concession provides a 50 per cent reduction of property transfer duty for eligible pensioners who sell their former home in Tasmania and downsize by buying another home in Tasmania.
The dutiable value of the new home must be less than that of the former home. The new home must have a dutiable value of:
$400 000 or less up until 15 March 2021; or
$500 000 or less for homes purchased from 16 March 2021 up until and including 31 December 2021; or
$600 000 or less for homes from 1 January 2022 up until and including 30 June 2025.
The concession is available where:
the transfer associated with the sale of the former home completes between 10 February 2018 and 30 June 2025 (inclusive); and
the transfer associated with the purchase of the new home completes within six months (either before or after) the transfer (selling date) of the former home.
Source = State Revenue Office Tasmania