2018 land tax assessments
The 2018 land tax assessments will issue between the months of January and May 2018.
If you own a property in Victoria, your land tax depends on what the land you own is used for, and its total value. If the total of your land value is $250,000 or more you are required to pay land tax.
Your land tax assessment is based on the total taxable value of your land holdings as at midnight on 31 December of the preceding year (for example, in 2018 it would be what you owned as at midnight on 31 December 2017). The taxable value of each property/land you own is usually the site value found on your council rates notice. You should note that apartments have a site value and are therefore included in the total taxable value of your landholdings.
You are exempt from land tax if your land is your principal place of residence. If you are an absentee owner you will have to pay a surcharge.
Your land tax assessment notice will list all the Victorian land you own including;
- Land you jointly own with others
- Your interest in any trust-held land
- Any exemptions that apply
- Site valuation for each property/land you own
All of these factors are used to calculate your land tax liability.
Any property bought, sold or settled during an assessment year will not be adjusted on your land tax assessment. Upon settlement your Solicitor or Conveyancer can advise you on any land tax adjustments.
It is important to check your assessment and report any errors or omissions, errors may include;
- Own additional land which has not been included in your assessment
- Receive separate assessments for lands you own alone
- Are receiving a principal place of residence exemption for land that is not, or is no longer your principal place of residence
- Have received any other exemption for which you are not eligible
- The land is held on trust, or
- You are an absentee owner and your assessment has not included the absentee owner surcharge
Any amendments or objections need to be lodged with the State Revenue Office within 60 days of receiving your assessment.
Your home is exempt from land tax including primary production land and land used by charities. Exempt land does not include investment properties or holiday homes you own even if they are vacant.
If you move overseas to live or work for an extended period of time this may affect your principal place of residence exemption status.
For further information visit the State Revenue Office Website www.sro.vic.gov.au or contact us here at MBA Business Solutions.
Dereen Wallace, Partner
MBA BUSINESS SOLUTIONS
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