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Journal Article
How do Australian state and local governments tax residential housing?
1992
Overview
According to 1988 Organization for Economic Cooperation and Development figures, Australia raised 9.8% of its total tax revenue from property. There are 8 tax instruments that have been applied by local and state governments on either transactions in housing assets, the holding of housing assets, or leasing of housing to tenants. These taxes are: 1. stamp duty on conveyances, 2. stamp duty on mortgages, 3. stamp duty on leases, 4. land taxes, 5. municipal rates, 6. metroplitan improvement rates, 7. land betterment taxes, and 8. estate, inheritance, and gift taxes. Land taxes and municipal rates are periodic taxes applied to the assessed value of real estate assets owned by individuals or institutions and are the major source of revenue for local government. Valuation procedures are required in order to assess the tax base. The 3 commonly invoked methods of valuation are: 1. unimproved capital value or site value, 2. captial improved value, and 3. assessed annual value.
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