Perth Stamp Duty Valuations
Perth Property Valuers Metro are the leading property valuation firm providing stamp duty valuations Perth. Our property valuations are completed by our team of expert property valuers, all qualified with the Australian Property Institute (API), and with over 20 years’ of experience each. Our valuation reports meet the necessary stamp duty valuations requirements as set out by State Office of Revenue (RevenueWA) and the Department of Finance.
What is stamp duty?
Stamp duty, also known as transfer duty, is a tax on land and property that is charged when the name on the property title is changed, whether through the sale or transfer of the property. This included specific circumstances such as:
- Purchasing residential property
- Purchasing commercial or industrial property
- Purchasing vacant land
- Acquiring any of these property types through a trust or gift
The total amount of stamp duty owed on a property, as well as the methods used to calculate liability differ across each state. Additionally, there are certain exemptions and reductions which are in place for various circumstances regarding stamp duty owed. For more information about how stamp duty may impact you, visit the WA Department of Finance site here.
Why are property valuations needed for stamp duty?
As the amount of stamp duty owed is dependent on the value of the property, in many situations a property valuation will be required to calculate the final amount. Specifically, this is true for the transfer of property ownership that does not involve a sale on the open market.
For cases such as related party transfer, deceased estate valuation or when a property is acquired as a gift, the State Office of Revenue requires an independent property valuation is undertaken. The accurate current market value of the property is then used to calculate the amount of stamp duty, or transfer duty, applicable.
Stamp Duty Valuations Perth
As is the case with all taxes, it is important to ensure you are paying the correct amount. By choosing an independent and certified property valuer with extensive local experience, you will ensure that your property valuation is accurate.
A fair and accurate property valuation will confirm the correct amount of tax liability you have to pay, and ensure you are not overpaying. An incorrect property valuation for stamp duty could end up costing you tens of thousands in unneeded tax.
At Perth Property Valuers Metro, we have a team of valuers specialised in stamp duty who are able to ensure compliance with the relevant standards. All our property valuers are API certified and have over 20 years’ experience. We pride ourselves on our reputation for quality service, and endeavour to provide our valuation reports with accuracy, honesty, and integrity.
If you require a property valuation for stamp duty requirements, feel free to contact our team by calling (08) 9468 3202 or completing an online enquiry form. We look forward to being of service!