Do we have land tax for unit/apartmenent?
Will the land tax under mini-budget will
affect unit/apartment as well?Redlilia
Hi Redilia,
Land tax is a state based tax and as such the threshold levels and collection rates vary from state to state. I suggest you log onto your state’s Office of State Revenue (or equivalent) and see what you can find out.
Land taxes are levied on the land value of the particular investment property and as such the value of the land component and your state legislations will determine the size of your bill.
Units and apartments etc include a proportioned shared ownership of the whole block of land that the complex/building is located on. Your share is highlighted in the contract of sale documents you received leading up to and during settlement.
Derek
[email protected]Read my comments? Think I can help you? PM or email me.
Spot on Derek. [cigar]
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