LAND TAX
What is it? According to the Office of State Revenue website. Land Tax is a tax levied on owners of land at midnight on 31 December each year.
What is exempt from land tax? Your principal place of residence (your home) or land used for primary production (your farm).
You may be liable for land tax if you own or part-own:
* vacant land
* land where a house, residential unit or flat has been built
* a holiday home
* investment properties
* company title units
* residential, commercial or industrial units including car spaces
* land leased from State or local government
If you come within one of the above and the valuer general's value of your land is over $387,000.00 for 2011. Then you may be liable for Land Tax. Combinations of properties that remain under $387,000.00 may be exempt from Land Tax. You should check with your accountant or the Office of State Revenue on 1300 139 816.