The examples below show how land tax is calculated in each of the tiers using the general rates.
Exceeds $450,000 but not $723,000
$0.50 for every $100 or part $100 above $450,000
For this example we are using a total site value of $600,000
Tax on $450,000
Nil
Plus tax on $150,000
Calculated as follows:
- 600,000 – 450,000 = 150,000
- 150,000 / 100 = 1500
- 1500 x $0.50
$750.00
2020-21 Tax Estimate
$750.00
Exceeds $723,000 but not $1,052,000
$1365.00 plus $1.25 for every $100 or part of $100 above $723,000
For this example we are using a total site value of $800,000
Tax on $723,000
$1365.00
Plus tax on $77,000
Calculated as follows:
- 800,000 – 723,000 = 77,000
- 77,000 / 100 = 770
- 770 x $1.25
$962.50
2020-21 Tax Estimate
$2327.50
Exceeds $1,052,000 but not $1,350,000
$5477.50 plus $2.00 for every $100 or part of $100 above $1,052,000
For this example we are using a total site value of $1,235,000
Tax on $1,052,000
$5477.50
Plus tax on $183,000
Calculated as follows:
- 1,235,000 – 1,052,000 = 183,000
- 183,000 / 100 = 1830
- 1830 x $2.00
$3660.00
2020-21 Tax Estimate
$9137.50
Exceeds $1,350,000
$10,852.50 plus $2.40 for every $100 or part of $100 above $1,350,000
For this example we are using a total site value of $1,500,000
Tax on $1,350,000
$11,437.00
Plus tax on $150,000
Calculated as follows:
- 1,500,000 – 1,350,000 = 150,000
- 150,000 / 100 = 1500
- 1500 x $2.40
$3600.00
2020-21 Tax Estimate
$15,037.00