Posted on Monday, November 9th, 2015 in by Matt Garmony
On 24 September 2015 The Land Tax Amendment Bill 2015 was passed by the Parliament and received the Royal Assent as the Land Tax Amendment Act 2015. Changes from the old Land Tax Act 2002 to the new Land Tax Amendment Act 2015 that affect the assessment of land tax as of the 2015-16 assessment year include:
- the introduction of a flat minimum land tax rate of $300 for taxpayers who hold land with a taxable value between $300,000 and $420,000;
- changes to the thresholds at which rates change; and
- increases of all rates except the top marginal rate of land tax.
Based on our review of the new land tax rates in the dollar, there will be significant increases the Land Tax payable by Land owners and or Tenants. Under the “Valuation of Land Act” any person who is liable to pay any rate or tax assessed in respect of land who is dissatisfied with a valuation of such land made under the Act, may serve upon the Valuer-General a written objection to the valuation. An authorised representative can also make an objection on the land owners behalf.
Property owners need to be aware the objection must be lodged within 60 days after the issue of a rating and taxing notice. The object can only be against the assessed land value and not the rate in the dollar applied. The objection needs to be supported by a valuation or reference to comparable sales and the Valuer General – Landgate has a prescribed “Objection to Valuation Form”
The licensed valuers at Garmony Property Consultants can provide you with a valuation of the Unimproved Value of a site which can be used in support of an objection to the assessed value by the Valuer General. Our Land Tax calculator can help you determine the Land Tax payable by clicking here or you may wish to view further information on the State Revenue website.
Please contact the licensed valuers at Garmony Property Consultants for further information on Land Tax Unimproved Value Objections.