How do I know what our Land tax exemption threshold is?

[Elke]

Hi we are looking at buying an IP of 847m2. with subdivision in mind.
It is NSW.
Also in NSW we own 643m2 and 105m2 (house,townhouse).

What is our land tax exemption threshold before we have to start paying land tax?

I am combing the NSW office of state revenue but I'm not seeing any land size. It's all just dollars. (never done this before).

Thank you!

 

[jrc]

Area is irrelevant. All based on value with exemptions depending on use of land eg PPOR or primary production. To get an idea of your land values

http://www.lpi.nsw.gov.au/land_valuation/nsw_land_values

if buying in NSW settle after 31st December which is the taxing date

 

[Scott No Mates]

Threshold is currently around $420,000 - excluding the ppor.

 

[Elke]

Threshold is currently around $420,000 - excluding the ppor.

Does that mean, what the value of the land is per sqm and then multiply it by what land size our block is??

 

[jrc]

Does that mean, what the value of the land is per sqm and then multiply it by what land size our block is??

No, each parcel of land has been given a value for land tax purposes based on the particular property. Look at your notices from the Valuer-General.

So your house land value might be $200,000 but I might have a property the same area which might be worth $10,000 in western NSW or $1,000,000 if it was in George Street, Sydney.

 

[serendip]

Threshold is currently around $420,000 - excluding the ppor.

Does that mean, what the value of the land is per sqm and then multiply it by what land size our block is??

Not the value per square metre, just the value. Read the link, it explains it

 

[The Fence]

As I found out awhile ago here, it's not so cut and dried.

Best to ring the OSR and ask the specific question for your circumstance.

 

[Elke]

Thanks all for helping to clarify this. I will call them to check exactly what's what.