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The Local Government (Rating) Act 2002 of New Zealand is an Act of New Zealand's Parliament that empowers Local Government bodies to levy property taxes on property owners within their jurisdictions. These property taxes are called rates. They are assessed annually and usually paid in four equal instalments.
The top rate was 43.75% in 1921. Tax rates were lowered in the 1920s and in 1930 the top income tax rate was set to 29.25%, and the threshold lowered to £260 of annual income. [7] By 1939, and before World War II, the top rate was 42.9%. During the war, there were huge rises in the top rate, taking it to 90%.
The property bubble in New Zealand is a major national economic and social issue. Since the early 1990s, house prices in New Zealand have risen considerably faster than incomes, [1] putting increasing pressure on public housing providers as fewer households have access to housing on the private market.
While the Auckland Regional Council had power to impose property tax rates on suburban areas such as North Shore City, local residents voiced strong opposition. [ 11 ] [ 12 ] There was a pattern of conflict between local authorities and Auckland city officials regarding many matters, such as transportation, land purchases [ 13 ] and decay of ...
For the opening of the first state house in each major city, a group of cabinet ministers repeated this ceremony. [26] The first tenants, David and Mary McGregor, paid £1 10s 3d ($3.03) rent for 12 Fife Lane, about one-third of their £4 7s 9d ($8.78) weekly income. [27] The waiting list for state houses was 10,000 in February 1939.
This made Auckland New Zealand's least affordable market and one of the most expensive cities in the world [130] with houses costing 8 times the average income. [127] Between 2012 and April 2016, the average Auckland home increased in price by just over two-thirds reaching $931,000 – higher than the cost of an average home in Sydney. [131]
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Eke Panuku Development Auckland Company type Council-controlled organisation Predecessor Waterfront Auckland and Auckland Council Property Founded 1 September 2015 ; 9 years ago (2015-09-01) Headquarters Auckland CBD, New Zealand Area served Auckland Region Key people Paul Majurey Board Chair David Rankin Chief Executive Services Urban regeneration, town centre planning, urban spaces design ...