DescriptionLand tax is an annual tax levied on the unimproved value of land in Victoria. This video explains how it is calculated, and how to understand if you are liable.
Land tax is an annual tax levied on the site value of land in Victoria.
You will be liable to pay land tax when the site value of all taxable properties you own exceeds the threshold of $250,000.
Land tax is based on the land you own at midnight on 31 December. If you have received a 2017 land tax assessment, it lists all properties you owned at midnight on 31 December 2016.
You are liable for the full amount of land tax even if you sell land during the year because you owned it at midnight on the 31st of December.
We use site valuations from your local council to calculate land tax. Councils revalue land in their municipalities every two years.
In 2017, we are using values from revaluations conducted by councils across Victoria in 2016. The value on your land tax assessment will match the site value on your most recent rates notice for that property.
There are a number of exemptions from land tax including your principal place of residence and any land used for primary production.
If anything is incorrect on your land tax assessment, you must notify the SRO to avoid penalties and interest. We can usually fix these issues over the phone for you, so if your assessment is wrong, give us a call on 13 21 61.
If you disagree with the values on your assessment, you have two months to object. You can do this by completing the valuation objection form and submitting it online.
sro.vic.gov.au/landtax provides more information about land tax and assessments.