Selling your backyard may mean paying tax
Joe & Mary bought a home on a large block of land (1,000m2) on a corner block with two street frontages in June 200 for $350,000. The house was valued at $120,000 and the land at $230,000. Now some 13 years later, land values in the area have increase and the local council is now looking favourably on infill projects to increase rates and higher density living.
Joe & Mary now want to downsize however like the area, so in January 2013 decided to split