Land Tax

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Gracie
Member
@gracie
Join Date: 2002
Post Count: 3
January 30, 2003 - 1:15 am
Hi there,
When I’ve been looking at possible deals and crunching the numbers I haven’t been allowing for land tax, only council rates.
When I look at the Xmas Spreadsheet that Steve gave us in the December Newsletter (thanks Steve) it has a section for Annual Rates/taxes. Should I be including both my land tax and rates here?
(This is assuming I have a trust structure set up and can’t claim the threshold and property is in NSW)
Also how do you estimate yearly land tax charge when it is calculated on the unimproved value of the land?? Just do an estimate with the purchase price I suppose.
Thanks guys
Gracie
Steve McKnight
Keymaster
@stevemcknight
Join Date: 2001
Post Count: 1,763
January 30, 2003 - 5:20 am
Hi,
You can usually glen this information from rates notices. Just ask the purchaser for a copy, or you might like to call the council. They may or may not tell you depending on what their privacy policy is.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com
Success comes from doing things differently
birdman
Participant
@birdman
Join Date: 2002
Post Count: 38
February 3, 2003 - 6:24 am
Hi,
The office of state revenue gives the sliding scales for land tax and what rebates and deductions you can make from the amount. As Steve indicated, the rates notice is a good indication, but for a small fee (around $10) you can get this sent out as well, and it also includes information on the property such as the last purchaser and how much they paid for the property.
Cheers