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View Poll Results: Should there be a Capital Gains Tax on Property

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  • No

    213 100.00%
  • Yes

    74 56.49%
  • Goff is just an idiot

    2,147,483,658 100.00%
  • Epic fail for Labour

    1,935 100.00%
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  1. #461
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    Call me dumb but what is the exact definition of "Family home'?
    Can a de facto partner have a family home? Can I have a family home also?. Can a family trust have a family home also?.
    Last edited by Brovendell; 05-03-2019 at 03:58 PM.

  2. #462
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by Brovendell View Post
    Call me dumb but what is the exact definition of "Family home'?
    Can a de facto partner have a family home? Can I have a family home also?. Can a family trust have a family home also?.
    I'd think ones home address ...any property that's not being rented lived in by owners etc
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  3. #463
    Legend minimoke's Avatar
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    Quote Originally Posted by JBmurc View Post

    we purchased property here in central otago during 2016 RV 550k we paid 560k now worth over 850k etc so yes old RV way off now ..but its all relative no doubt when next RV come out it will be much higher ... just like your property will be ..
    Your RV will be higher as there will be actual sales data for that property. Where as mine has no sales data - so all they can do is tweak it by whatever % they reckon is right.

    Edit. Heres a wee test. Flash house opposite me has just got a "sold" sign put on it. RV = $900,000. Went on the market Oct 2018 under auction - didn't sell. Then listed for $845,000 (around what I thought it would go for) and didn't sell. Now advertised at $798,000. I'll keep an eye out for actual sale price
    Last edited by minimoke; 05-03-2019 at 06:11 PM.

  4. #464
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by minimoke View Post
    Your RV will be higher as there will be actual sales data for that property. Where as mine has no sales data - so all they can do is tweak it by whatever % they reckon is right.

    Edit. Heres a wee test. Flash house opposite me has just got a "sold" sign put on it. RV = $900,000. Went on the market Oct 2018 under auction - didn't sell. Then listed for $845,000 (around what I thought it would go for) and didn't sell. Now advertised at $798,000. I'll keep an eye out for actual sale price
    Yes we got new RV last year i think it was upto 690k I see these days the banks uses some online instant valuer I guess like QV.co.nz can do early last year the bank believed are property was worth $815k ...insane lift in value... if the misses would allow me I'd list it for $850k and if sold go back renting for a year or two as these values aren't going to last
    Last edited by JBmurc; 05-03-2019 at 08:34 PM.
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  5. #465
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    Quote Originally Posted by JBmurc View Post
    Yes we got new RV last year i think it was upto 690k I see these days the banks uses some online instant valuer I guess like QV.co.nz can do early last year the bank believed are property was worth $815k ...insane lift in value... if the misses would allow me I'd list it for $850k and if sold go back renting for a year or two as these values aren't going to last
    I was at my bank the other day and they used www.homes.co.nz for instant valuations

  6. #466
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    Quote Originally Posted by fungus pudding View Post
    Only if you overlook that part of the regular payment was reducing the capital of the loan. IOW - paying yourself.
    Agreed, and with amortisation over time 'paying yourself' exceeds the interest component.

  7. #467
    Legend minimoke's Avatar
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    Quote Originally Posted by iceman View Post
    I was at my bank the other day and they used www.homes.co.nz for instant valuations
    Its quite a good site - but there is about a six month lag between sale and the new records being shown on the property. I use it as a broad guide - but to try and get a firmer idea on value you need a few more sales. Fine if you are in an area with lots of sales. Not so good if they are infrequent.

  8. #468
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    Quote Originally Posted by Brovendell View Post
    Call me dumb but what is the exact definition of "Family home'?
    Can a de facto partner have a family home? Can I have a family home also?. Can a family trust have a family home also?.
    The rules for the bright-line test include detail of the 'main home'. I expect something similar to be used in the government CGT policy, maybe tweaked but makes no sense to have a different set of tax rules.

  9. #469
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    Quote Originally Posted by minimoke View Post
    Its quite a good site - but there is about a six month lag between sale and the new records being shown on the property. I use it as a broad guide - but to try and get a firmer idea on value you need a few more sales. Fine if you are in an area with lots of sales. Not so good if they are infrequent.
    I know. My area goes up and down quite a lot on this site due to infrequent sales and a mix of older less expensive homes and a newer part of the suburb with much more expensive homes. But I suppose all online tools will have that same issue

  10. #470
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    Quote Originally Posted by minimoke View Post
    Its quite a good site - but there is about a six month lag between sale and the new records being shown on the property. I use it as a broad guide - but to try and get a firmer idea on value you need a few more sales. Fine if you are in an area with lots of sales. Not so good if they are infrequent.
    Can also get property estimates from Trademe, including rent estimates, where the sources of data are clearly spelt out. Not sure how the data sources compare to homes.co.nz but easy to compare anyway. Trademe has a lot of data from their many thousands of listings, and also produce quite comprehensive sale and rent analyses each month.

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