In New Zealand, property tax is known as council rates and is calculated based on the capital value of the property. It is the responsibility of the property owner to pay the council rates. The amount of council rates may vary from one council to another and is usually reviewed annually.
Capital Gains Tax (CGT)
There is no Capital Gains Tax (CGT) in New Zealand.
There is no Inheritance Tax in New Zealand.
There is no Gift Tax in New Zealand.
Tax on Property Income
Income derived from rental properties in New Zealand is taxed as part of an individual’s income tax.
Tax Advantages in Buying a House in New Zealand
There are no specific tax advantages in buying a house in New Zealand. However, owning a property can provide long-term financial benefits, such as rental income and potential capital gains.