Land tax for apartments

Discussion in 'Accounting & Tax' started by Craig John, 17th Jul, 2018.

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  1. Craig John

    Craig John Active Member

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    1st May, 2017
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    Just wondering how the land value is worked out to calculate land tax on an apartment? If for example there was a complex with 100 apartments vs a complex with 20 apartments on the same block of land, would the land tax for say a 1 bedroom apartment be the same in both cases?

    Thanks
     
    Craig John, 17th Jul, 2018
    #1
  2. Propertunity

    Propertunity Well-Known Member

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    No. In the complex on same size land with less apartments, the land value would be greater per apartment.
     
    Last edited: 17th Jul, 2018
    Propertunity, 17th Jul, 2018
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  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
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    Location:
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    Strata rights are a % of the total site. ie the site will have a Development Plan (DP) eg 100010 for the full site. The Strata Plan is the portion ie SP 101 for unit 101.

    So title may look like DP 100010 / Sp 101 and reflect say 8.08% of total. Based on area typically with a share of common areas too.

    eg OSR assesses 8.08% x total land value to unit 101.
    Some have multiple lot ie carpark + unit + storage + berth (marina) etc.....OSR use the total entitlement
     
    Paul@PAS, 18th Jul, 2018
    #3
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