PAYMENT OF LAND TAX

Taranaki Daily News, 16 June 1931, Page 7

PAYMENT OF LAND TAX

WHERE IT COMES FROM. INTERESTING FIGURES. Each year taxation on land returns ip the New Zealand Treasury between £1,000,000 and £1,500,000. Interesting details showing where the money comes from are contained in a statistical report which lias just been issued by the Census and Statistics Office. The total taxable land for the year 1929-30 was 20,867,644 acres, of which 2d,058,681 acres were classed as country or farniing lauds, 342,942 acres as town lands or business sites, and 466,021 as partly country and partly town lands. Taxpayers totalled 51,391—30,446 being the owners of farm lands, 20,108 the owners of town lands, and 835 the own- • ers of partly town and partly country litads.

The unimproved value of the land was £239,056,473, and the mortgages held on the land totalled £157,416,293. Most -of the mortgages were held on farm lands. These were valued at £166,895,255, and the mortgages totalled £116,841,603. The position of town lands was: Value, £67,192,768; mortgages, £38,117,545. Exemptions applied for under the Land and Income Tax Act amounted to £93,448,684, made up as follows:—Ordinary £13,432,152; mortgage, £79,747,240; hardship, £269,292. The mortgage exemptions in respect of farm lands totalled £62,770,792, and those in respect of town lands amounted to £15,918,767. 607.789 — farm lands, £97,669,077; town The taxable balance totalled £145,607.789 — farmlands, £97,669,077; town lands, £44,212,864; partly ebuntry and partly town, £3,725,848. The tax assessed amounted to £1,175,965.