Property Tax Calculated

Property Tax Calculated

How it is calculated?

A capital gain for tax purposes is calculated as the difference between the proceeds.

In other words, the selling price and the base cost.

The base cost of a property would include all costs of acquiring the property, purchase price, transfer duty, legal costs etc.

The cost of capital improvements to the property and selling costs such as advertising or agent’s commission.

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These will exclude the costs of maintaining the property.

Since only the gain after 1 October 2001 is taxable, the portion of the gain that relates to the period prior to this date  is excluded. That is or properties acquired before this date.

This is calculated by using either the market value as at 1 October 2001 or an amount determined in terms of a time-based formula

Author: Jeremy Burman

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