Taxable value of land in NSW
($) Land tax payable
Not more than $359,000 = Nil
More than $359,000 = 100 + 1.6% of the excess over 359,000
Taxable value of land in VIC
($) Land tax payable
0 - 224,999 = Nil
225,000 - 539,999 = 250 + 0.2% of the excess over 225,000
540,000 - 899,999 = 880 + 0.5% of the excess over 540,000
900,000 - 1,619,999 = 2,680 + 0.8% of the excess over 900,000
1,620,000 - 2,699,999 = 8,440 + 1.3% of the excess over 1,620,000
2,700,000 or more = 22,480 + 2.5% of the excess over 2,700,000
Yes, it is assesed annually.
Principal Place of Residence is normally exempted from land tax. |