Do I have to pay land tax in Tasmania?
Do I have to pay land tax in Tasmania?
If you own property as at 1 July that is not classified as Principal Residence Land or Primary Production Land, you may have to pay land tax. This tax is applied in accordance with the Land Tax Act 2000.
How is land tax calculated in Tasmania?
Land tax is then calculated on the total (aggregated) land value….Rates of land tax (from 1 July 2021)
| Total Land Value | Current Tax Scale |
|---|---|
| $50 000 – $399 999.99 | $50 plus 0.55% of value above $50 000 |
| $400 000 and above | $1 975.00 plus 1.5% of value above $400 000 |
What is the land tax threshold in Tasmania?
Land tax thresholds will be increased to reflect today’s strong property market, with the land value at which land tax becomes payable to double from $25,000 to $50,000. The top threshold will also increase by $50,000, from $350,000 to $400,000.
How is land tax calculated?
Calculating land tax Your land tax assessment is based on the total taxable value of your land holdings as at midnight on 31 December of the preceding year. Land tax is calculated by applying the appropriate land tax rate to the total taxable value of your land holdings, excluding exempt land such as your home.
What kind of land is not taxable in Tasmania?
Properties that are taxable include v acant land, commercial properties, rental properties and shacks. Land tax is not payable on a property which is the owner’s principal place of residence (principal residence land) or the land classified as primary production land. Property owners need to apply for either of these land classifications.
What makes a property a principal residence in Tasmania?
Principal residence land There is a dwelling on this land. The property must be where the owner (who has at least a 50 per cent interest in the land) ordinarily eats and sleeps. This land is not taxable. Primary production land
When to apply for land tax rebate in Tasmania?
Landowners who have purchased a new principal place of residence but not sold their current principal place of residence, may apply for a rebate. Land tax exemption on new homes made available for long term rental is available for up to three financial years for dwelling.
How can I find out the value of my land in Tasmania?
Information about your land’s value is on the reverse of your previous land tax notice. Alternatively, it can be obtained via the Land Information System Tasmania (LIST) (fees may be payable for this service). To obtain valuation information for the property via LIST you will need to: Go to the LIST and select ‘Properties and Titles’.