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Whenever there is a sale of a property or transfer of whole or part ownership from one party or entity to another, the State Revenue Office will require Stamp Duty to be paid. When this transaction does not occur on the open market by way of an arms length transaction, the State Revenue Office will request a property valuation report from a certified practising property valuer to ensure they receive the correct amount of stamp duty.
Stamp Duty is a common overlook when purchasing a property. Generally, stamp duty must be paid within 60 days of signing the contract of sale. As a general purpose tax, the amount of stamp duty you pay is measured according to the purchase price of the property. Stamp Duty payment must be paid directly to the State Revenue Office, so it’s important to know what to expect. This is why seeking out an independent Senior valuer is essential to ensure that the correct and current market value is determined.
Stamp Duty is an unavoidable factor. As a buyer, you want to make sure you are paying the correct and current market value of the property to ensure you pay the correct amount of stamp duty. Seeking out an independent valuation to for Stamp Duty purposes will provide you with a professionally detailed report determining the current market value of the property.
Additionally, it will provide you with an extensive market analysis and comparable sales to provide an objective perspective of the value of the property.
Melbourne Property Valuers Metro provides high quality property valuation reports at competitive rates. As well as this, all property valuation Melbourne reports from us are accepted at all statutory and government agencies; we are an established and trusted brand with an impressive track record of legitimacy, transparency and professionalism.
As a full-service independent valuation company, specialising in residential, commercial and industrial property types we cater for all requirements that need Stamp Duty calculation. We have a dedicated team of Senior property Valuers who will perform extensive research and analysis on internal and external factors of the property. Here are a few examples of how we can determine the value of your property:
Having the correct and current market value of the home is essential for paying the correct amount of stamp duty. We understand how important it is to have a transparent and accurate current market value to avoid overpaying your stamp duty, especially in cases of private or related property transfer. To ensure that our clients get the best advice and expertise, we make sure that all of our property valuers are API qualified with at least 20 years’ experience each, making them top of the industry and able to advise on all your stamp duty queries.
There are many reasons to seek out a Stamp Duty property valuation, many are needed in situations such as:
By far the most common property valuation for Stamp Duty purposes is when the owner transfers their property to a family member. Usually, the owner is gifting the property to their family member, however, the State Revenue Office requires that all private sales are adequately and independently valued to ensure that a fair price is to be paid, along with the correct stamp duty. At Melbourne Property Valuers Metro, we provide high quality services for all of our clients in a timely fashion to ensure a smooth transfer.
Stamp Duty is often an overlooked factor when purchasing or transferring a property. Ensuring you have the correct amount of stamp duty can potentially save you thousands. Because of this, it’s important to seek out a professional, independent valuer to complete a valuation to determine the current market value. Our teams of Senior Valuers and our helpful, informed office team are always here to help our clients with any stamp duty enquiry.
For more information on how the rate of stamp duty is calculated, visit the State Revenue Office website here.
If you require a property valuation to help calculate the correct stamp duty or if you want to discuss a property valuation for your Melbourne property, please contact us today on (03) 9021 2007 for a free quote. Alternatively, you can fill out an online enquiry form and we will get back to you as soon as we can. We won’t be beaten on price or service!