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Appendix 2
This Appendix explains the percentage increase used to make the adjustments to the Valuer-General’s data shown in Appendix 1.
The increases are the same as those used to index the land tax threshold each year, details of which are set out below.
Extract from the Land Tax Management Act 1956
"Division 4A Tax threshold
62TA Determination of change in NSW property values
(1) During the month of September in each year, the Valuer-General is to determine the percentage by which average land values of land within residential, commercial, business and industrial zones in New South Wales have changed between 1 July 1997 and 1 July last preceding the making of the determination.
(2) For the purposes of this section, land is within a residential, commercial, business or industrial zone if it is zoned or otherwise designated for use under an environmental planning instrument (within the meaning of the Environmental Planning and Assessment Act 1979) for, or principally for, residential, commercial, business or industrial purposes, or for some or all of those purposes.
(3) On or before 15 October
in each year, the Valuer-General is to publish the determination made
under subsection (1) in the Gazette.
62TB Tax threshold
(1) The tax threshold for the 1998 land tax year is $160,000.
(2) The tax threshold for a land tax year subsequent to the 1998 land tax year is to be determined in accordance with the following formula, subject to subsection (3):
$160,000 x (100% + the percentage change in land values determined under section 62TA(1) during the month of September preceding the land tax year).
(3) The tax threshold for a succeeding land tax year is to remain the same as for the previous land tax year if the tax threshold determined in accordance with the formula in subsection (2) for the succeeding land tax year is equal to or less than the tax threshold for the previous year.
(4) A tax threshold determined in accordance with this section is to be rounded off to the nearest $1,000.
On or before 15 October in each year, the Valuer-General is to publish the tax threshold applicable to the following land tax year in the Gazette.”
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Determinations made by the Valuer-General under ss.62TA
& 62TB since the sections commenced operation
| Date |
Increase above 01/07/1997 Levels s.62TA(1) |
Threshold for Next Land Tax Year s.62TB |
Source of Information |
% Increase Over Previous Year |
| 31/10/98 | N.A. | $160,000 | Land Tax Management Act, ss.62TA & 62TB commenced operation. Gazette no.120, 14/08/1998, p.6027 | N.A. |
| 1998 | 9.7% | $176,000 | Gazette 09/10/1998, p.8176 | 9.70% |
| 1999 | 19.7% | $192,000 | Gazette 15/10/1999, p. 10010 | 9.11% |
| 2000 | 28% | $205,000 | Gazette no.137, 13/10/2000, p.11152 | 6.93% |
| 2001 | 37.4% | $220,000 | Gazette no. 156, 12/10/2001, p.8585 | 7.34% |
| 2002 | 63% | $261,000 | Gazette no.170, 11/10/2002, p.8769 | 18.63% |
| 2003 | 98% | $317,000 | Gazette no.163, 10/10/2003, p.10035 | 21.47% |
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