When a property is transferred in Tasmania you need to pay stamp duty, which is also known as property transfer duty to the state government. Stamp duty must be paid to the State Revenue Office within three months of the property purchase and is calculated based on the total value of the property.
Stamp duty is payable whenever a property is transferred to another party, including a superannuation fund, a trust or another legal body. The amount of stamp duty you need to pay is based on the value in the property valuation report. It is therefore crucial to get a property valuation report by a registered property valuer. This is especially important when a property is sold between related parties at an amount significantly below the genuine market value.
What’s included in a stamp duty valuation report?
A stamp duty valuation report is a detailed report that includes the following information:
The physical characteristics of the property;Current market sales data;Photographs of the property;Interpretation and analysis.
Is a stamp duty valuation compulsory?
When property ownership is transferred, the State Revenue Office requires a stamp duty valuation report. The report must be completed by a registered property valuer who has experience in preparing stamp duty valuation reports. The stamp duty will then be determined by the value given in the valuation report.
Why choose us for your stamp duty valuation?
With over 20 years of experience completing stamp duty valuation reports, Valuations TAS are experienced property valuers who understand what needs to be included in a stamp duty valuation report. We are registered with the Australian Property Institute (API) and all of our Valuers have at least 15 years of local valuation experience. We complete stamp duty valuations for a diverse range of clients and we conduct extensive research using professional property databases so we can include the most relevant information in the property valuation report.
We’re available to inspect your property within 48 hours of your enquiry so to book your valuation get in touch with us on (03) 6169 2559.