A question on land taxes - can these be deferred until the sale of the house? I guess that would turn them into inheritance/capital gains taxes.
We are fortunate to own our own home. Bought shortly before COVID for $520k. The price of our house increasing doesn't benefit us in any way I can see.
A question on land taxes - can these be deferred until the sale of the house? I guess that would turn them into inheritance/capital gains taxes.
We are fortunate to own our own home. Bought shortly before COVID for $520k. The price of our house increasing doesn't benefit us in any way I can see.
But with mortgage, rates and childcare costs taking up over 50% of our income it's tough to make ends meet and an additional tax would be difficult to manage while the kids cost $500 a week in ECE.
This could be solved by free ECE of course! And it's temporary until our kids are old enough for funded education. But I'm interested in the idea of deferrals for people on fixed/temporary reduced incomes.
A question on land taxes - can these be deferred until the sale of the house? I guess that would turn them into inheritance/capital gains taxes.
We are fortunate to own our own home. Bought shortly before COVID for $520k. The price of our house increasing doesn't benefit us in any way I can see.
But with mortgage, rates and childcare costs taking up over 50% of our income it's tough to make ends meet and an additional tax would be difficult to manage while the kids cost $500 a week in ECE.
This could be solved by free ECE of course! And it's temporary until our kids are old enough for funded education. But I'm interested in the idea of deferrals for people on fixed/temporary reduced incomes.
Rates can be deferred until the sale of the house, so a similar mechanism could be used for land tax.
A zero tax rate for the first $35,000 will more than cover the 0.5% tax you will pay on the value of the land.