Stamp duty is a tax that is levied on properties that are bought and sold. The amount of stamp duty that you pay depends on the value of the property. For transactions on the market, the listed value on the contract is used to calculate stamp duty. For private sales, such as between family members, an official valuation must be provided to the government for taxation.
Getting a valuation of a property before purchase kills two birds with one stone. It ensures that you don’t pay more than what a property is worth, which also has the potential to reduce the amount of stamp duty tax you’re paying. For private sales, a valuation is absolutely crucial to avoid legal trouble with the government.
In either case, Romeo Property Valuers can provide you with the most accurate valuation and save you money overall.
Romeo Property Valuers is staffed with highly qualified Registered Property Valuers combining over 50 years of property valuation experience. We are experienced and have completed many deceased estate valuations in Sydney.
The Director, Vincent Romeo, sits on the Board the Australian Valuers Institute and acts as an advisor and mentor to many Registered property Valuers throughout NSW.
Romeo Property Valuers have acted for many Private, Corporate and Government clients in their tenure as one of the leading Valuation firms in NSW enabling Vincent Romeo an opportunity to offer his property valuation expertise on Channel 10’s popular lifestyle show “The Living Room”.
Other than being highly accredited as Registered Property Valuers throughout NSW we have an extensive range of knowledge and experience in the Property Analysing process and pride ourselves on delivering comprehensive property analysis and subsequently reliable and accurate property valuations. We are constantly observing and educating ourselves with the trends and changes in the market in order to make sure your property valuation is accurate, precise and reliable.
To make an informed property purchase or else in order to obtain solid returns on your home’s equity, you require accurate and realistic data. We strive to deliver market-leading strategic and innovative property advice using state-of-the-art valuation and information technology systems in order to enable you to make informed financial decisions.
Stamp duty is always paid by the buyer of the property, not the seller.
If the transfer of the property is between family members, trusts, or even superannuation, stamp duty needs to be paid even if there is no direct monetary exchange. In these cases, a valuation based on the market price of the property becomes the basis of the calculation of stamp duty.
Romeo Property Valuers’ veteran staff will do a valuation of the property that is being sold or transferred, and then stamp duty can be calculated from the market price determined by the valuation.