{"id":1083,"date":"2018-05-30T12:29:50","date_gmt":"2018-05-30T01:29:50","guid":{"rendered":"https:\/\/goodmangroup.com.au\/?p=1083"},"modified":"2020-12-16T22:55:06","modified_gmt":"2020-12-16T12:55:06","slug":"land-tax-victoria","status":"publish","type":"post","link":"https:\/\/goodmangroup.com.au\/blog\/land-tax-victoria\/","title":{"rendered":"Land Tax in Victoria"},"content":{"rendered":"

The State Revenue Office of Victoria sends more than 300,000 land tax assessments to landowners all over the state every year. Due to the relative complexity of what these taxes entail, these assessments remain confusing for both first-time investment property owners and seasoned property owners.<\/p>\n

It is for this reason that Goodman Group Lawyers<\/a> have created a blog to simply demonstrate the information necessary for landowners to better understand tax laws. Read on to learn more.<\/p>\n

Land tax basics<\/strong><\/p>\n

A land tax assessment will typically be comprised of all land in Victoria you own if the taxable value of your land holdings exceeds $250,000. This includes the land you jointly own with others, as well as your interest in any trust-held land. The assessment offers a site valuation for each property and\/or land you own, which is then used to produce your land tax liability.<\/p>\n

Although the home you live in is technically situated on a piece of land, this land is exempt from land tax. This is due to this land being classified as a \u201cprinciple place of residence\u201d, or PPR<\/a>. Primary production land (such as farmland) and land used by charities is also exempt from any land tax.<\/p>\n

If you\u2019re unsure whether you are liable to pay any land tax, the State Revenue Office provides a handy online tool<\/a> that can very quickly get you on the right track. The current rates are also available on the State Revenue Office website to provide more transparency.<\/p>\n

Land tax exemptions<\/strong><\/p>\n

The list of land tax exemptions goes beyond personal residences. There are a wide variety of land forms that do not require tax to be paid. They are the following:<\/p>\n