Stamp Duty refers to the duty or tax that is payable on a percentage of the market value of a property when ownership details are exchanged. This exchange can be between related parties through a transfer of ownership or through the sale of a property between third parties. It is also payable on the transfer of a property from entity to entity such as to a superannuation fund. The following rates are advised for the calculation of Stamp Duty in NSW:
The International Standards of Valuation define Fair Market Value as “the price at which a property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts”
When a property changes hands outside of the open market, stamp duty needs to be calculated based on the calculated Fair Market Value. This calculation needs to be completed by a certified and experienced property valuer. The valuer will look at attributes of the property such as type, size, build type, location, and its surrounding amenities. These attributes are then used to rank the property against similar sales of properties with such attributes that have recently sold to indicate market value.
Here at Vanguard Valuations, we take special care to understand your needs and how to achieve them. This includes investigation into a wide range of resources and asking the right questions to ensure we achieve the best results for you.
Due to our extensive knowledge and utilization of premium valuer resources essential to accurate property valuation, our reports are produced efficiently, transparency, and with the utmost level of care.
Vanguard Valuations can provide accurate and reliable valuation reports on all manner of properties including houses, units, commercial and industrial, rural, and development sites. We cover a large length of the east coast, including capitals of Canberra, Melbourne and Sydney, as well as all rural areas, Wollongong, Western Suburbs, Sutherland Shire, North Shore and Northern Beaches, Hawkesbury, and the Central Coast. All metropolitan Melbourne areas are also now covered by us with our new team of Melbourne local property valuers.
Contact Us today to discuss further, or submit your details into our Enquiry Form, and we will get back to you as soon as possible.