All Topics / General Property / Calculating land tax?

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  • Profile photo of ComsolComsol
    Participant
    @comsol
    Join Date: 2003
    Post Count: 38

    Hi everyone,

    Just a question on calculating land tax. How is the value of the land (ie the unimproved land value) worked out and who formally does it? Is there a formula for this?

    Cheers,

    David[:)]

    OPM – use Other People’s Money and learn from Other People’s Mistakes
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    Profile photo of shnookshnook
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    @shnook
    Join Date: 2003
    Post Count: 20

    David,

    I can only tell you about NSW – but there is probably an equivalent for the other states (perhaps the sites I give you will have a link to them.

    In NSW the valuation of land is done by the NSW Valuer-General and handled by the Land and Property Information dept. – Their web site is http://www.lpi.nsw.gov.au – for valuation information and also what to do if you disagree with their valuation.

    The Land Tax itself is calculated by the Office of State Revenue – Website is http://www.osr.nsw.gov.au

    If anybody else can give info on the other states I would also like to know for future investing info.

    cheers

    Shnooks

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    Don’t worry, they will send you a bill if you have to pay. Also when you sell, any unpaid land tax must be paid then, so it si hard to avoid paying.Shnook, it is the same in VIC and other states I beleive.

    Terryw
    Discover Home Loans
    North Sydney
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    Profile photo of RugbyfanRugbyfan
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    @rugbyfan
    Join Date: 2003
    Post Count: 683

    quote:


    David,

    I can only tell you about NSW – but there is probably an equivalent for the other states (perhaps the sites I give you will have a link to them.

    In NSW the valuation of land is done by the NSW Valuer-General and handled by the Land and Property Information dept. – Their web site is http://www.lpi.nsw.gov.au – for valuation information and also what to do if you disagree with their valuation.

    The Land Tax itself is calculated by the Office of State Revenue – Website is http://www.osr.nsw.gov.au

    If anybody else can give info on the other states I would also like to know for future investing info.

    cheers

    Shnooks


    I have them if you need them. Just give me your email address.

    Profile photo of davidfemiadavidfemia
    Member
    @davidfemia
    Join Date: 2003
    Post Count: 89

    Hello,

    WA is governed by the Department of Trade and Finance.
    http://www.dtf.wa.gov.au/cms/DTF_index.asp

    I beleive it works much the same as other states.

    David Femia
    http://www.femiapropertygroup.com.au

    Profile photo of CreminCremin
    Participant
    @cremin
    Join Date: 2003
    Post Count: 105

    Heres what u pay in WA.

    Land Tax – Rates Effective for the Year 2003/2004
    Aggregate taxable unimproved value of the land
    Exceeding ($) Not Exceeding ($) Rate
    0 50,000 Nil
    50, 000 190,000 $75.00 plus 0.15 cent for each $1 in excess of $50,000
    190,000 550,000 $285.00 plus 0.45 cent for each $1 in excess of $190,000
    550,000 2,000,000 $1,905.00 plus 1.76 cents for each $1 in excess of $550,000
    2,000,000 5,000,000 $27,425.00 plus 2.30 cents for each $1 in excess of $2,000,000
    5,000,000 $96,425.00 plus 2.50 cents for each $1 in excess of $5,000,000
    Metropolitan Region Improvement Tax-Rates Effective for the Year 2003/4MRIT is imposed at a rate of 0.15 cent for every dollar of the unimproved taxable value of the land.

    Work smarter, not harder!.

    Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233

    when do people pay land tax? is it yearly or just once, when u selling or buying the property?

    ***********************

    Profile photo of shnookshnook
    Member
    @shnook
    Join Date: 2003
    Post Count: 20

    It’s an annual tax. It is up to you to lodge the return, so that an assessment can be sent to you.

    cheers

    Profile photo of zizziz
    Participant
    @ziz
    Join Date: 2002
    Post Count: 90

    In NSW the land tax office will NOT send you a bill prior toinitial lodgement of your assessment.

    It is your responsibility to lodge the initial paperwork that acknowledges ownership from then they will asses what you owe retrospectively and then will send an annuall assesment.

    If you don’t lodge the initial return then any land tax will simply accrue on the property and this will come back to haunt you at the time of selling. Also there are severe panalty rates for the late payment of the same.

    Best to talk to them and pick up the liability sooner then later so that it doesn’t build up.

    By the way I HATE LAND TAX. The other day somebody mentioned that they have a seperate department just to read and file all the complaints about land tax that are submitted with the payments of the same.

    Cheers

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