Non-Absentee rate - Land Tax begins at $600,000 land value.
Comparison of Land tax to Individual owner (residing in Australia) & an Absentee owner.
As you can see - a person residing in Australia only pays Land Tax if the land value is above $600,000.
As an Absentee, the threshold is reduced to $350,000 plus an Absentee Surcharge added at 1.5% of the land value.
As shown in the great website austexpatinvestor.com, two examples of properties - one with a land value of $400,000 and the other $800,000.
Look at what the taxes are just for one year - be very mindful that as the land value increases so to does the taxes. $400,000 property = $3050.00 taxes and the $800,000 property = $15,850.
Yes, even though the property is only double in land value it is taxed 5 times higher. And this will only get worse year after year.
Holding property in QLD has become a nightmare for absentees. Even a one-off absentee event can cause hardship, especially mortgage holders.😡
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