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South Australia was the first Australian state to introduce a land tax, based on the unimproved capital value of land, in 1884. [6] [7] In 1910, George Allen (first secretary to the Treasury) founded the Land Tax Office to service land taxes at the federal level as a form of wealth tax and as a means to break up large tracts of underutilised land.
The Australian Property Institute (API) is a professional industry body representing residential, commercial and plant and machinery valuers, analysts, fund managers and property lawyers. The API was originally formed in 1927 as the Commonwealth Institute of Valuers. [ 1 ]
Please introduce links to this page from ; try the Find link tool for suggestions. ( September 2022 ) A valuer general or valuer-general (plural: valuers general , valuers-general [ 1 ] ) is the chief government official in charge of the land valuation system in their jurisdiction.
A land value tax is a progressive tax, in that the tax burden falls on land owners, because land ownership is correlated with wealth and income. [3] [4] The land value tax has been referred to as "the perfect tax" and the economic efficiency of a land value tax has been accepted since the eighteenth century.
Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation.
The land was approved by the Land Board (renamed Court). The Land Board reported to the Minister on the fair value of the land to the owner, demand for land in the neighborhood, suitability of the land, permanency of water, probability of selection and absence of sufficient crown land in the area. [7]
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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.