We don't have property tax in australia. However we do have a land tax.
House owners only pay their land tax when their total land value (city council's value) reach to &700K.In general city council's value far from market's value.E.g a $500K's property, council's land value may be $150K and market's value may be $300K.
House owners only pay their land tax when their total land value (city council's value) reach to &700K.In general city council's value far from market's value.E.g a $500K's property, council's land value may be $150K and market's value may be $300K.