Land tax legislation imposes an annual tax on the total taxable value (previously known as unimproved value) of all land owned in Victoria at midnight on 31 December of the year preceding the year of assessment where the total taxable land (excluding exempt land) is greater than the threshold. You may be liable for land tax if you own either:
- vacant land, including vacant rural land
- a holiday house
- one or more investment properties
- some primary production land that is not exempt due to its location close to a city.
You will be required to pay this tax if you own land with a total taxable value of $250 000 ($25 000 for trusts subject to surcharge) or more (excluding exempt land). An owner includes:
- a person who holds the freehold title to land
- a person who leases land from the Crown
- a person who occupies land subject to a life tenancy
- a person deemed to be the owner because he or she is in possession of the land.
Exemptions are available, including (but not limited to):
- a principle place of residence
- land used for primary production
- retirement villages
- health centres and services.
Please note that special land taxes or a proportion of the land tax may apply in some instances. Please consult the responsible agency for more information.Please consult the responsible agency for more information and to ascertain the level of compliance (if any) that may be required.