NSW Land Tax: Comparison of Joint v Single Ownership X and Y own $2million worth of property in NSW jointly and this has a land value of $1million. This consists of 2 identical properties with a land value of $500,000 each. Their land tax bill would be $100 plus 1.6% times ($1,000,000 - $482,000) = $8,388 per year in land tax. However, if they owned one $500,000 property each the land tax would be: $100 plus 1.6% times ($500,000 - $482,000) = $388 per year in land tax each. This would be $776 combined. In this instance owning one property each rather than the same properties jointly would result in land tax savings of $7,612 per year! That’s a huge saving.