double valuation used for taxes

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Senior Member
Chinese - China
I read an article and there is a sentence I am confused about. The sentence is like below:

"The two-bedroom, brick cottage on Kerr Street on the city’s inner north shore fetched NZ$1.04 million ($940,000) at an auction in September, netting the vendor, New Zealand’s government, double valuation used for taxes."

What does " double valuation used for taxes" mean in this sentence? Does it mean that the taxes the government earned was twice as big as estimated?
  • Packard

    Senior Member
    USA, English
    The amount it sold for was double the amount it had been valued at for purposes of taxation.
    Are you sure? It sounds like the New Zealand government took ownership of the property, possibly for the purposes of collecting back taxes.
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