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The tax amount is based on an annual rental value (ARV) of the property and has 6 bands or tiers. In the lowest band which is up to an ARV of $11,000, the land tax is 0.8%. For the highest band, of ARV over $120,000, the land tax is 47%. [7] Revenue from land tax in 2021/22 was $78.8 million.
Rental value is the fair market value of property while rented out in a lease. More generally, it may be the consideration paid under the lease for the right to occupy, or the royalties or return received by a lessor ( landlord ) under a license to real property . [ 1 ]
The annual property tax is usually a percentage of the taxable assessed value of the property. The taxable assessed value is commonly determined by the assessment service provider of the municipality. The annual property tax rate for any province contains at least two elements: the municipal rate and the education rate.
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Capitalization rate (or "cap rate") is a real estate valuation measure used to compare different real estate investments.Although there are many variations, the cap rate is generally calculated as the ratio between the annual rental income produced by a real estate asset to its current market value.
The standard rent payable under the Rent Control Act; If a property is self-occupied then the GAV is considered to be nil. [2] In Falkirk in Scotland the Gross Annual Value is used to calculate council house rent based on factors such as house type, age, structure, number of apartments, overall floor area, location and type of heating. [3]
A 100 GRM (monthly rents) = 8.33 GRM (annual rents). An 8.33 GRM calculated on annual rents suggests the gross rent will pay for the property in 8.33 years. The common measure of rental real estate value based on net return rather than gross rental income is the capitalization rate (or cap rate). In contrast to the GRM, the cap rate is not a ...
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