If you’ve noticed a higher-than-usual land tax bill this year, it’s likely due to the major changes introduced by the Victorian government in 2024. Here are the key updates you need to know:
Highlights of the 2024 Changes:
- General Rates and Thresholds:
– The threshold for land tax application has decreased from $300,000 to $50,000.
– Adjusted general rates for the total taxable value of land holdings.
- Increased Surcharges:
– Higher rates for trust surcharges and absentee owner surcharges.
- Contract Adjustments:
– For contracts entered into from January 1, 2024, land tax is no longer adjustable between vendor and purchaser, except for sales priced at $10 million and above.
– Vendors can no longer pass on the Windfall Gains Tax (WGT) to purchasers from January 1, 2024.
Available Exemptions and Concessions:
Exemptions and concessions still apply for:
– Principal place of residence
– Primary production land
– Charities
– Rooming houses
– Other specified categories (see more [here])
Objecting to Your Land Tax Valuation:
If you believe your land tax assessment is too high, you can lodge an objection within 60 days of receiving your assessment. Here’s how to navigate the process:
- Contact Us: For guidance on submitting an objection, reach out to us for assistance.
- Submit Your Objection: Detailed instructions and forms can be found on the State Revenue Office (SRO) website.
- Continue Paying Your Bill: Ensure you pay the amount owing by the due date while your objection is being reviewed, as interest may accrue on any outstanding amount regardless of your objection status.
Grounds for objection:
- Value is too high
- Value is too low
- Interests held in land are not correctly apportioned
- The apportionment of the valuations is incorrect
- Lands which should be included in one valuation has been valued separately
- Lands which should be valued separately have been included in one valuation
- The person named in the notice of valuation assessment notice or other document is not liable to be so named
- The area dimensions or description of the land are not correct
What happens after you object to your Land Tax Assessment:
– Engagement of a Licensed Land Valuer: The SRO may appoint a licensed land valuer to assess the property in question.
– Valuation Contact: The appointed valuer may contact you directly to arrange and conduct a property valuation.
– Assessment Amendment: Based on the valuer’s findings, the SRO may issue an amendment to your land tax assessment.
– Further Objection: If you disagree with the amended assessment, you have the option to submit a further objection to the Victorian Civil and Administrative Tribunal (VCAT).
Need assistance?
If you need assistance with your latest assessment, feel free to contact our office to obtain tailored advice. By staying informed and taking prompt action, you can ensure that your land tax assessment is fair and accurate.