Property Taxes In Canberra

[Spetz]

Hi guys,

Can someone tell me what property taxes are like in Canberra? And what this includes (land rates etc?)

More specifically for a house roughly $800-$1.2M worth, with no mortgage, primary place of residence.

Also property taxes on property which is rented out (other than income tax).

Help is appreciated

[a20089]

ACT only has land rates unless rented out. This is soley based on the land value through a basic forumla.

You pay additional rates if your property is rented out.

http://www.revenue.act.gov.au/rates

$800k-$1200k no mortage??????????? Tell me this is a troll, else let me drive your car collection.

[RS4-S]

Stamp duty? It was a certain percentage of any property over $280k but it all changed last year after I bought a house so now I'm not sure. Limit for stamp duty exemption in nsw is $500k?

[a20089]

Stamp duty - link from same page. Only on purchase.

http://www.revenue.act.gov.au/duties/land_and_improvements

[Spetz]

Thanks guys,

The money will come from a sale of other property situated outside of Australia. Would that make a difference at all in stamp duty etc?

[Randon_I_Am]

Nope. the Gov has their hands in everyones pockets. No way of getting out of stamp duty...

[Spetz]

And are there any other costs?

ie, Land tax, or is this the same as the rates?

[Randon_I_Am]

For primary residence there's just rates.

Mine are roughly $1300 p/a for a $475k 3 beddie house in old macgregor.

so depending how big and where your property is will depend on how much the rates are.

[Spetz]

Thanks again for your help

I was initially a little bit put off because I thought a $1m house would incur roughly $10,000 per year in rates, which sounds preposterous to pay this much to live in your own house.

[Shell]

Yeah it's definately not that much .... and it goes off your unimproved land value (nothing to do with the value of the house on it).

[MANG]

$800k-$1200k no mortage??????????? Tell me this is a troll, else let me drive your car collection.

It would be the sale of his mummy's property...

[Spetz]

Not the case Mang

[MANG]

Sorry, some sort of gift/loan of money, not earned by Spetz...

[Shell]

Skeptical people!

15 years ago there were houses in Weston for $100k... buy 2 or 3 of them, pay them off with a partner/wife (so 100-150k each) and you'd be sitting pretty to buy a house worth that much now with no mortgage.

Or perhaps him and his wife both owned property before they got together, paid the remaining amount off and are able to sell two houses to buy one big f**k off one.

Whatever his story is (and it's probably neither of the above, but I'm just saying ) it's not so unbelievable!

[MANG]

it is if you know him...

[Spetz]

Why so Mang?

[Shell]

it is if you know him...

haha ok... obviously more than I know about going on here!