Revenue NSW have advised that the 2019 land tax thresholds are as follows:
General threshold: $692,000
Premium threshold: $4,231,000
When determining whether land tax applies to you, you should consider:
What is land tax?
Land tax is a tax that applies to owners of land in New South Wales.
Do I have to pay land tax on my principal place of residence?
Generally speaking, no.
How is land tax calculated?
Land tax is calculated on the total value of all your taxable land above the threshold. The rate of tax is then calculated as $100 and 1.6% of the land value up to the value of the premium threshold. The rate of tax increases to 2% after the premium threshold. The threshold may not apply in the case of a related company or a trust.
How is the land value determined?
Land value is determined by the valuations issued by the Valuer General to Revenue NSW. The valuation from the previous year is used. For example, the 2018 value will be used for the 2019 tax year. Note: the value is based on land only and does not take into consider any improvements on the land.
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