Land tax is an annual tax levied on the unimproved value of land in Victoria. This video explains the 2020 land tax assessment and provides further information about the most common queries and issues with land tax.
Land tax is an annual tax on the site value of non-exempt land in Victoria. You pay land tax when the site value of all the taxable properties you own exceeds the $250,000 threshold.
Land tax is based on the land you own at midnight on 31 December so your 2020 assessment includes the taxable land you own at midnight on 31 December 2019. There are a range of exemptions from land tax, including your home or farm. Find out more at sro.vic.gov.au/ltxexemptions.
Site valuations are used to calculate land tax. The site value, or taxable value of your property, is the unimproved value of your land, which means it excludes capital improvements such as buildings. If you disagree with a site valuation shown on your assessment you have two months to object. Find out more about valuations and what to do if you disagree with a valuation at sro.vic.gov.au/valuations.
Your 2020 statement of lands should list all the properties you owned at midnight on 31 December 2019. It will also show the taxable value of each property and any exemptions.
If you sell, or cease to own, property during 2020 it will be removed from your assessment next year.
If you are an absentee owner there is a surcharge, which will be shown on your land tax assessment. More information about this surcharge is at sro.vic.gov.au/aos.
Land held on trust may also attract a surcharge. More information about the trust surcharge is at sro.vic.gov.au/landtaxtrusts.
If you own land with others, you are a joint owner of land. We assess land tax for joint owners in a different way. We first assess each unique combination of joint owners together, before assessing each owner individually. Land you own together may appear on both your individual and joint assessments. Find out more at sro.vic.gov.au/jointowners.
It is your responsibility to tell us if there are any errors on your assessment.
Most common updates, such as adding land that is missing, removing land you don’t own, or updating your principal place of residence exemption can be done quickly and easily online via My Land Tax at sro.vic.gov.au/mylandtax
More information about all aspects of land tax is available at sro.vic.gov.au/landtax.