Greetings to all!
Did I hear recently that land tax will be imposed on IP’s throughout country NSW? Can anyone tell me if this is so and at what value level will this kick in or is it regardless of value??
Many thanks to anyone who can help!
Happy Investing!
SW[biggrin][strum]The land tax threshhold for IP’s is no more. Thats what i thought I heard but I have been drinking Tullamore Dew while reading some posts.
So im not 100% on that
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Here it is straight fromt he dogs mouth:
The land tax threshold of $317,000 is to be abolished. From January 1, all properties worth more than $25,000 will be taxed – although your principal residence will still be tax-free.
Replacing the current land tax rate of 1.7 per cent with tiered tax rates. These will be 0.4 per cent on land values up to $400,000, 0.6 per cent on the amount between $400,000 and $500,000, and 1.4 per cent on any excess over $500,000.
That should clear it up for you.
Liz Wilson
Mortgage Lender
Thanks both very much for taking the time to reply and thanks Liz for your great info.Much appreciated![biggrin]Is the tax on the land value or the whole property value?
SW, the land tax is on the value of the land – as defined by the government valuers!
Rob, I thought it was 2.25% stamp duty on sale?
Cheers
MelTHANKS GUYS FOR YOUR INFO, ITS MUCH APPRECIATED, AND NO IM NOT SHOUTING IN CAPITOLS IM JUST TOO LAZY TO KEEP CHANGING CASE!!
THANKS AGAIN
SW[blush2][strum]
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