As with most conveyancing transactions the purchase price is dependant upon a number of factors predominantly location, size and quality of the property/land being tendered.
There are annual payments for land rent and local taxes to be made. The land rent is a minimal fee and indicated on the lease document where the property is purchased as leasehold land.
Local rates are based on the rateable value of the land assessed by the Tax Office. The rateable value accounts for both the land and building value dependant upon type, location and use class. When this value is decided the Area Council determines the percentage to be charged for local rates. These rates are also minimal.
