| Subject Code : | MMP211 | Country : | Australia |
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Assignment Task
Statutory Valuations Enabling legislation in Victoria is the Valuation of Land Act 1960. Requires annual valuations of all properties - SV, CIV and NAV
Property Related Taxes
• Federal: (not directly a property tax)
• Income Tax
• Capital Gains Tax
• GST
• State & Territories Tax (directly a property tax)
• Land Tax
• Stamp Duty
• Fire Services Levy
• Vacant Residential Land Tax
• Local Government (directly a property Tax)
• Municipal Rates
Why tax property?
• Property is immovable, if not paid the tax can be put on title and have to be paid when sold
• Can promote efficient use of property e.g. vacant residential tax
• Perception that those that can afford property are well off and can therefore afford to pay taxes
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