NSW land tax threshold for 2013 is $406,000
The NSW Valuer General has determined that the land tax threshold for the 2013 land tax year is $406,000.
Every investment property, or portfolio, above that level will be billed state government land tax.
It reflects a 2.5% increase on the threshold for the 2012 land tax year which was $396,000.
The threshold for the 2011 land tax year was $387,000.
The principal place of residence is generally exempt from land tax.
The NSW Valuer-General Philip Western will issue individual new valuations in January 2013 that will form the basis of tax assessments sent out by the NSW Office of State Revenue next year.
The state government bases individual assessments on rolling three-year averaging of land valuations to take account of changing property values.
The state government collects about $2 billion in land tax a year. Non-residential properties account for about 60% of land tax revenue.
If you own several land items, the value of all your liable land will be added together
The NSW premium land tax threshold for the 2013 land tax year is $2,482,000.
The premium land tax threshold for the 2012 land tax year was $2,421,000.
The premium land tax threshold for the 2011 land tax year was $2,366,000.
The Mark at Sydney's Central Park
Much has been spoken about the global property market and that our market will ultimately follow a similar fate and I am always at pains to point out not all property is created equal.