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Stamp duty was formerly a graduated progressive tax with the more expensive the house bought the greater the stamp duty rate. The top rate slowly increased from 0.5% in 1882 to 3% in 1947, 5% in 1973, 6% in 1975, reaching its peak at 9% in 1997. [ 7 ]
A property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. Ad valorem property taxes are collected by local government departments (examples are counties, cities, school districts, and special tax districts) on real property or personal property.
The QLD State Government as of Tuesday 14 February decided to extend the Qld Building Boost for a further 3 months. The new end date for the Qld Building Boost is 30 April 2012. [7] The re-shaped First Home Owner Construction Grant kicked in on 12 September 2012 for properties valued up to $750,000 in Queensland.
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Prior to the passage of the capital gains tax, Washington State had the most regressive tax system of any state in the US. [9] The wealthiest 1% paid just 3% of their income in state taxes, while the poorest 20% paid 17.8%. [10] Advocates had long proposed a capital gains tax in order to help reduce this gap.
Equalization is a step in property taxation to bring a uniformity to tax assessment levels across different geographical areas or classes of properties. Equalization is usually in the form of a uniform percentage of increase or decrease to each area or class of property.
The first series of revenue stamps have two distinctive design types with each stamp designating the tax 'duty'. Designs for denominations 1-cent through 20-cents were simple, bearing a portrait of George Washington, while stamps with denominations 25-cents through 1-dollar are larger and have a more elaborate design and also designate the tax ...
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