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How many properties can you have in one state before you get charged land tax
It is qld I am enquiring about. Freehold? So if none are freehold it's ok?
I have in qld Val 500k, 410k, 240k
It is qld I am enquiring about. Freehold? So if none are freehold it's ok?
I have in qld Val 500k, 410k, 240k
Do you personally buy in another state once u reach ur land tax limit?
No. There are a number of reasons for this:
1. Given the amount of land tax we pay - we pay far more in rates for one property then we do for land tax for all of them. We therefore consider it to be a minimal cost, in the scheme of things.
2. Our business model doesn't work once you factor distance into things. As we have completely self contained properties, and do everything ourselves, having a property that isn't conveniently located for us wouldn't be practical. We only look at properties located between our PPOR and the Perth CBD, for this reason. It means if something needs to be sorted out/attended to, we can drop in and check it out on the way to or from work.
Land tax in QLD is actually quite high - higher than council rates once you reach the threshold. It's at least 1% when you get over $600k, and up to 1.75%. So that's $2.5 k+ a year on one modest house in Brisbane.
Spread
Given the amount of land tax we pay - we pay far more in rates for one property then we do for land tax for all of them. We therefore consider it to be a minimal cost, in the scheme of things.