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New Zealand no longer has land taxes per se. Formerly, NZ did have land taxes—its first ever direct tax, enacted in 1878, was a land tax (levied at a rate of one halfpenny per pound of unimproved land value). [1] But the contribution of land taxes to the government steadily reduced and by 1967 represented a mere 0.5% of total government revenues.
Although the Land Tax Abolition Act (1990) which took effect from 31 March 1992 abolished New Zealand's land tax, a land tax was the very first direct tax ever imposed on New Zealanders, by the Land Tax Act (1878). A property tax followed the next year (per the Property Tax Act 1879).
Rates are basically a tax on real property. For the year ended June 2005, rates made up 56% of local-authority operating-revenue. [8] Almost all property owners in New Zealand pay rates; those who do so are referred to as ratepayers. People who rent property do not pay rates directly, but property owners will take account of the cost of rates ...
Under the new policy it is 36% with out a tax free limit. The old system presumes 7.6% gains for investments & 4% gains on banksaldo intrest, taxed 36% Taxation in the Netherlands New Zealand: 28% 10.5% [173] 39% [174] 15% Taxation in New Zealand New Caledonia [175] 30% 0% 40% 25% (on local income of non-residents) [176] — Taxation in New ...
Regional councils are funded through property rates, subsidies from central government, income from trading, and user charges for certain public services. Councils set their own levels of rates, [28] though the mechanism for collecting it usually involves channelling through the territorial authority collection system.
Inland Revenue started out as the Land Tax Department in 1878. The department was renamed the Land and Income Tax Department in 1892 with the central office set up in Wellington. Only in 1952, when the organisation joined with the Stamp Duties Department, was the organisation known as the Inland Revenue Department.
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.
South Korea has an aggregate land tax that is levied annually based on an individual's landholding value across the whole country. Speculative and residential land has a progressive tax rate of 0.2–5%, commercial and building sites 0.3–2%, farm and forest lands 0.1% and luxury properties 5%. [100]