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Aussie land tax scrutiny committee constitutes itself |
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Australian MP Richard Torbay has been elected Vice-Chair of the Joint Committee of the Office of the Valuer-General.
The Parliamentary Committee was established late last year to review and monitor the the New South Wales state government's valuation methods including the standards, methodologies and negotiations for the contracting of valuation services. The valuations form the basis for estimating council rates and land tax.
"There have been concerns over discrepancies in the past," Mr Torbay said. "We need to ensure that these are brought into line and that the right checks and balances are in place. It is particularly important, given that many property owners will be facing land tax assessments for the first time next year."
The tax, to be levied annually from January 1, 2005, will be based on the total value of all taxable land owned in NSW. Generally, the principle place of residence and land used for primary production will be exempt from the tax but owners need to check the eligibility criteria.
Story from Tenterfield Star
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