Prop­erty taxes still the big­gest rev­enue source

Port Douglas & Mossman Gazette - - FRONT PAGE -

PROP­ERTY re­lated taxes have re­mained the largest source of rev­enue for state and lo­cal gov­ern­ments and de­spite weaker mar­ket con­di­tions over the 2011/12 fi­nan­cial year, prop­erty re­lated taxes rose to new highs. Through­out the 2011/12 fi­nan­cial year, $33.515 bil­lion in prop­erty-re­lated taxes were col­lected by state and lo­cal gov­ern­ments. The $33.515 bil­lion in tax­a­tion equated to 46. per cent of all tax­a­tion rev­enue for state and lo­cal gov­ern­ments over the year, down from 47.2 per cent over the 2010/11 fi­nan­cial year. The to­tal amount of prop­erty re­lated taxes rose by 0.9 per cent over the fi­nan­cial year and al­though it rep­re­sents a fur­ther in­crease in the tax take, it is the small­est an­nual change in rev­enue since rev­enue fell -10.4 per cent over the 2008/09 fi­nan­cial year.

Tax­a­tion rev­enue in­creased through­out the 2011/12 fi­nan­cial year, de­spite the fact that the coun­try’s largest sin­gle as­set class (res­i­den­tial hous­ing) recorded much weaker con­di­tions.

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