Calculate Land Tax

[huy]

Hi all,

I need to know how land tax is calculated.
For example if I have below properties

PPOR my principle residential (No mortgage) value 600K
IP1 (mortgage) value 450K
IP2 (mortgage) value 400K
IP3 (mortgage) value 500K

Land tax = PPOR + IP1 + IP2 + IP3

Do I include my principle residential for calculate land tax or not?

Greatly appreciated for your help.

Thanks,
Peter

 

[superAndrew]

Hi Peter

PPOR is exempt.

You can use this website for NSW:
https://www.apps08.osr.nsw.gov.au/erevenue/calculators/landtax.php

Your land tax would be $15,108.

Cheers

Andrew

 

[mumbai]

Hi all,

I need to know how land tax is calculated.
For example if I have below properties

PPOR my principle residential (No mortgage) value 600K
IP1 (mortgage) value 450K
IP2 (mortgage) value 400K
IP3 (mortgage) value 500K

Land tax = PPOR + IP1 + IP2 + IP3

Do I include my principle residential for calculate land tax or not?

Greatly appreciated for your help.

Thanks,
Peter

Are those land values of the IPs or land+house values?
Are all of the IPs in NSW (same state)?

 

[Paul@PFI]

OSR NSW use the unimproved land value but averaged over three years. If your values are market values your calc is likely to be way off.

I always recommend clients be registered for land tax even if they are under thresholds. Bracket creep can catch you out and penalties apply. When you sell a property in NSW it is obligatory to get a LT clearance certificate which often detects unpaid land tax. Then you get whacked with years of arrears and often interest too.

If you have the titles references for each property (rates ntce) OSR can give you the valuation by phone...Sometimes !!