Land tax is an annual tax based on ownership and usage of land at 30 June, and is levied in respect of the financial year immediately following that date. Land tax is calculated on the basis of the total site value (that is, the value of the land only) of all non-exempt land owned by the taxpayer on 30 June. The following types of land are generally exempt from land tax provided that the land usage was in effect as at 30 June.
- land which is owned and occupied as the principle place of residence as at 30 June preceding the tax year (including a unit that is part of a retirement village scheme or a specified home unit scheme established prior to 22 February, 1968).
- land which is used wholly or mainly for primary production purposes
- land used wholly or mainly for religious, educational, charitable or sporting purposes
- land that is owned by non-profit associations for the recreation of the local community, for the preservation of buildings, for the holding of agricultural shows or for other specified purposes.
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Land Tax : Last Revised: Thu Feb 14th 2002 |
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