Land Tax to be revalued annually:
Most property owners have received their Land Tax Assessments in 2019 and after the initial shock of the substantial increase, owners are scratching their heads trying to understand how their land tax assessment has increased by up to 60-90%.
New changes to Land Tax means that your property will be valued annually from 2019, previously it was revalued biannually (i.e. every two years) and is dependant on what land you own, what it is used for, and its total value.
As of 2019, land tax will be revalued annually instead of biannually. In other words, a higher amount of land tax will most likely apply given the strength of the Melbourne property market in previous years.
Land Tax – What you need to know…
- How is Land Tax assessed?
- What if I disagree?
- Can I recover land tax from the tenant?
Property owners will receive their Land Tax Assessment notices between January and April 2019 and the notice will apply to all properties as follows:
- All the Victorian land you own, including land you own jointly with others.
- Your interest in any land held in a trust.
It’s important that you check the accuracy of your assessment and contact the State Revenue Office (SRO) promptly if you see any errors or omissions.
How is the site value determined for land tax
Site value is the unimproved value of your land, which means it excludes capital improvements such as buildings and the site value is determined as part of the regular council valuation process.
The site valuation is determined by your local council as part of their valuation assessment and are based on valuations from 1 January 2018.
You can object to the council valuation and the SRO valuation if you disagree with them.
If you disagree with the site valuation there are formal processes that you are required to follow in order to lodge an objection. Axis Property has a number of valuers that can assist clients with their objection. Contact Axis Property today with the details of the property together with your latest SRO office notice.
Your objection must be lodged within 60 days of the date that you received your assessment.
Refer to the SRO website