Land Tax Changes
Individuals whose property is valued at $150 000 and less will continue not to pay any land tax. Similarly, there will be no increase in land tax rates for properties valued up to $450, 000.
Properties valued above $450,000 and up to $850,000 will attract an increased rate of 0.7% up from 0.45% effective this coming fiscal year, 2019-20. Those properties with a value of over $850,000 will now pay a rate of 1.0%, up from 0.75%. However, the maximum amount of tax that can be collected on such a property now goes to $100,000 up from $60,000. The rate on non-residential properties rises to 0.95% from 0.7%.
Vacant lots of 4,000 square feet or less will be excluded from any increase in property tax. However for larger lots over 4,000 sq. ft, the rate to be now applied will be 1.0% up from 0.8%.
Please download the Policy Note below.