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
[email protected]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
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
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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.
Hello,
WA is governed by the Department of Trade and Finance.
http://www.dtf.wa.gov.au/cms/DTF_index.aspI beleive it works much the same as other states.
David Femia
http://www.femiapropertygroup.com.auHeres 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!.
when do people pay land tax? is it yearly or just once, when u selling or buying the property?
***********************
It’s an annual tax. It is up to you to lodge the return, so that an assessment can be sent to you.
cheers
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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