Land tax valuations are generally issued from March each year, with assessment notices being issued in around October.
Land Tax is assessed on the land owned as at midnight 30 June in a year, meaning that if the land is sold by 29 June or bought on 1 July it is not included in the assessment for that year.
With property values increasing, land tax can be quite a substantial amount particularly if no exemption applies. As an example, land with an assessment of $1,000,000 without exemption will have land tax in the 2021 year of $12,500 if owned by a company or trust (no exemption), $4,500 for an individual (if it is their owny land, but no other exemption), or $25,500 for a foreign company or trust.
The objection period for valuations is 60 days from when it is issued. It is important to make any objection within that time.
For information and advice about land tax objections please contact Peter Muller at peterm@qbmlaw.com.au
