Anyone who has lands and buildings can’t miss this content! Today we are going to present to you about the Land Tax that you have to pay annually. We created this content because a lot of people do not know or are confused about land tax. Thus, ACU Pay has gathered all information about land tax for everyone paying for it. Let’s take a look at the types of land tax and the formula to calculate land tax.
Land and Building Tax is the taxes that are levied on the value of land and buildings occupied. For example, residences, houses, buildings or condominiums. Land Tax will be levied annually and calculated from the value of land and building’s usefulness. In addition, the Ministry of Finance has considered levying land tax at full price after the tax decreasing during covid-19 pandemic. You can pay land tax at as follow:
A Tax Payable = (The value of land + The value of building – Exception value) x A tax rate
Exception value are
A Tax Payable = (The value of land – Exception value) x A tax rate
A Tax payable = (The value of building – Exception value) x A tax rate
Tax rate is the types of lands and buildings divided into 4 groups which are agriculture, residence, other purposes and abandoned land.