Why am I receiving a land tax assessment for the first time?

Description

This video explains the reasons why you may receive a land tax assessment for the first time.

Transcript

If you have received a land tax assessment for the first time, it may be because of a temporary reduction in the tax-free threshold as part of the Victorian Government’s COVID Debt Repayment Plan. If your land holdings exceed the new, temporary threshold of $50,000, you may have become liable. 

Other reasons why you may receive an assessment for the first time are:  

• If you became the owner of taxable land, such as an investment property or holiday home. 

• If the total site value of all your taxable land increased to exceed the current land tax threshold; or 

• If land previously exempt from land tax is no longer exempt. 

On your assessment, you can find details about:  

• your liability calculation,  

• payment options 

• the properties you own, along with their site values, and  

• any exemptions that may apply. For example, your home is exempt from land tax as it is your principal place of residence. 

Managing your land tax information is quick and easy using the online application: My Land Tax. You can use My Land Tax to: 

• make changes to your land holdings including adding or removing a property,  

• applying for exemptions, or  

• to view and pay your assessment. 

The SRO website has lots of information to help you understand and navigate your land tax assessment. Visit sro.vic.gov.au/first to find out more.