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LAND TAX

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What is it?

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Land tax is an annual tax based on the total taxable value of all the land you own in Victoria, excluding your principal place of residence (your own home).

It applies to all rentals, commercial properties, holiday houses and vacant a land.

When the total taxable value of such land is equal to or above $50,000 you must pay land tax.

This value gets calculated at midnight 31st of December.

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What has changed?

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The threshold was changed this year 31st December 2023 to $50,000 from the previous years $300,000.

This results in a greater number of land owners paying this tax.

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For more information visit the State Revenue Office Victoria website.

 

https://www.sro.vic.gov.au/rates-taxes-duties-and-levies/land-tax-current-rates

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