In this week’s episode I’m going to explain how land tax works. Land tax is a state tax calculated on the land value of the property you own. Currently in QLD you pay land tax once your land value goes over the $600,000 threshold.
So what’s the benefit of land tax? Well for you there’s not really any, the QLD government sends you a bill on June 30 and it goes back into their pockets. The same goes for stamp duty. We’ve all been caught unprotected from stamp duty, expecting it to be removed with land tax after the implementation of GST back in 2000. But the government seemed to conveniently forget about that. So why do we still pay stamp duty and land tax on property we own? Because as property owners we are not a powerful vocal force.
If you would like me to answer one of your property questions make sure you submit it by clicking Ask A Question at the top of the page.
P.S You can also listen to our episodes on our Podcast – The Kevin Young Show
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