It’s that dreaded time of year again when land owners across the state receive their land tax notice from the Office of State Revenue. In preparation for your land tax notice, here’s an overview of what to expect in 2015.

The land tax threshold for 2015 is $432,000. A marginal tax rate of 1.6% of the aggregate taxable value above the tax-free threshold (plus $100) applies unless the taxpayer is trustee of a special trust. The premium rate threshold increases to $2,641,000. If the aggregate taxable value exceeds the premium rate threshold, a marginal tax rate of 2% applies.

When buying and selling investment property, there’s always the issue of who is expected to be liable for land tax. This is a particular concern when the contract period runs over the new year period. For more information in this regard, visit:

Author Johnsons Law Group

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