Understanding Property Taxes in Hove: What Homeowners Need to Know in 2024
Property taxes can be confusing, but if you own a home in Hove, you need to understand your tax obligations. From Council Tax to Stamp Duty, this guide breaks down what you need to pay in 2024.
1. Council Tax in Hove (2024 Rates)
Council Tax is a local charge based on your property’s valuation band.
| Band | Property Value (as of 1991) | Annual Tax (2024) |
|---|---|---|
| A | Up to £40,000 | ~£1,500 |
| B | £40,001 – £52,000 | ~£1,750 |
| C | £52,001 – £68,000 | ~£2,000 |
| D | £68,001 – £88,000 | ~£2,250 |
💡 Tip: Discounts are available for single occupiers (25% off) and low-income households.
2. Stamp Duty for Hove Homebuyers in 2024
Stamp Duty Land Tax (SDLT) applies when you buy a property over £250,000.
| Property Price | Stamp Duty Rate |
|---|---|
| £250,000 or less | 0% |
| £250,001 – £925,000 | 5% |
| £925,001 – £1.5m | 10% |
✔ First-time buyers pay 0% on homes up to £425,000!
💡 Tip: Buying in West Hove or Portslade could help you avoid higher Stamp Duty bands.
Final Thoughts
Understanding Council Tax, Stamp Duty, and Capital Gains Tax is essential for homeowners and investors in Hove. If you’re planning to buy or sell, getting tax advice early can save you thousands.