The land tax threshold for properties in New South Wales (NSW) for 2013 will be $406,000, it has been confirmed.
The NSW Valuer General Philip Western has confirmed that every property which exceeds this figure will be eligible for state government land tax.
It means that the tax threshold has risen by 2.5 per cent from thus year, when houses sold for over $396,000 were billed for the tax. In 2011, properties worth $387,000 or more were eligible for the tax.
It is estimated that the state government collects about $2 billion in land tax every year, with non-residential properties accounting for around 60 per cent of this figure.
People who own several properties will be eligible for tax on the combined total value of all their owned land.
The NSW premium land tax threshold for the 2013 tax year was also announced, with Mr Western confirming that properties worth over $2,482,000 will be eligible. In 2012, the threshold for these luxury properties was $2,421,000.
Posted by Steve Douglas
