LAND TAX

Otago Daily Times, Issue 22964, 20 August 1936, Page 9

LAND TAX

SCHOOL ENDOWMENT LANDS EXPLANATION BY MINISTER (Per United Press Association) WELLINGTON, August 19. Asked whether endowment lands of schools, orphanages, etc.. will be exempted from the land tax and if the old exemption of 15 a"""" would be retained or extended, the Minister of Finance (Mr W. Nash) stated to-day that no alteration would be made this year in the basis of assessment of the land tax. " The only change is in the rates." he said. When asked what were the rates on the type of land referred to, Mr Nash said: " The endowment lands of any public educational institution not carried on for private pecuniary profit are exempt. The endowment lands of any society or institution established exclusively for charitable, educational, religious or scientific purposes of a public nature and not carried on private pecuniary profit are exempt in respect to land used as sites up to 15 acres. The excess of sites over 15 acres and other endowment land of such societies and institutions not used as sites are chargeable at the full rate except in the case of religious societies, which are assessable at one-half the ordinary rates."