- May 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering Property Taxes on Land in Rural Areas
If I were to purchase a parcel of land in a remote area like nowhereville and leave it undeveloped, would I still be subject to hefty property taxes? Despite having some savings, my financial situation may not allow for a substantial investment in urban real estate, and I am hesitant to incur significant debt. I am contemplating the idea of acquiring residential land outright in a secluded location, such as woopwoop, as a potential future dwelling.
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You pay rates, rates will be a function of your land value and whatever multiplier the council you are in puts on it.
If you have power and water connections you may also have to pay those but you could have them disconnected until you need them.
You may also need to pay land tax if you are in a state that has land tax.
Have you looked into rural land packages? The main problem is that the land which is cheap per area (for example some rural pastoral land in north west QLD is ~$200/acre) is only available in large blocks (in the above example block sizes are 20000 acres and up so still $2M+) and the smaller blocks tend to all be nearer to town as people sub divide due to demand and as you get nearer to town the price goes up.
As an example I found a 900sqm block in town in Blackall QLD that sold in 2019 for $10,000. Is that the kind of thing you’re thinking of?
The build costs, when you eventually decide to live there, will kill the deal. They’ll likely be higher than the price of the land by multiples.
If you are buying remote as a place to live and want to do it cheaply, better to find something with a building already on it. But that won’t suit if you don’t plan on living there now, as it will require maintenance.
It’s different if you are buying a more premium block of land, such as a hobby farm in a more popular area, for the purpose of building it out over time.
Buy somewhere like White Cliffs in far west NSW. $20k for an underground home. Only problem is it’s 50°C on surface during summer
There is a reason land in very remote areas is cheap, it doesn’t appreciate.
You do realise you can’t just live on a piece of land?
Which state?
In Tassie I pay $900 per year for rates and land tax on my 2 acres.