You may need to pay land tax if you own land with an aggregate taxable value in excess of $300 000.
Aggregate taxable value is the total value of all taxable land that you own. For example, if you own two taxable properties with taxable values of $200 000 and $300 000 respectively, the aggregate taxable value of your land is $500 000.
You may also need to pay metropolitan region improvement tax (MRIT) if you are liable to pay land tax and own property in the metropolitan region with an aggregate taxable value greater than $300 000.
You are regarded as the land owner if you:
- hold the freehold title
- hold the land in trust
- lease land from the Crown or local government.
