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The land tax threshold is $250,000 on the total value of all Victorian property owned by a person as at 31 December of each year, and taxed at a progressive rate. The principal residence, primary production land and land used by a charity are exempt from land tax. The threshold is $25,000 and the date of audit is 1 July.
A property bubble is a form of economic bubble normally characterised by a rapid increase in market prices of real property until they reach unsustainable levels relative to incomes and rents, and then decline. Australian house prices rose strongly relative to incomes and rents during the late 1990s and early 2000s; however, from 2003 to 2012 ...
A land value tax ( LVT) is a levy on the value of land without regard to buildings, personal property and other improvements upon it. [1] It is also known as a location value tax, a point valuation tax, a site valuation tax, split rate tax, or a site-value rating . Some economists favor LVT, arguing it does not cause economic inefficiency, and ...
The land property tax, called "territorial tax" or "contribution", is an annual amount paid quarterly by the property's owner. It is determined as a percentage of the property's "fiscal value", which is calculated by the Internal Revenue Service, based on the property's land and built area, construction materials, age, and use.
Capital gains tax (CGT), in the context of the Australian taxation system, is a tax applied to the capital gain made on the disposal of any asset, with a number of specific exemptions, the most significant one being the family home. Rollover provisions apply to some disposals, one of the most significant of which are transfers to beneficiaries ...
Land is the predominant focus of Western property law, including Australian property law. Legal developments in this field outweigh the development of other forms of property law, this is primarily due to the high value of land in comparison to other forms of property, such as chattels.
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