Land Tax
As at 1 July 2008
Information
Land tax is an annual tax, which is assessed on the basis of the ownership and usage of land as at 30 June before the "assessment year" (the following financial year). It is calculated on the aggregated taxable value of all land held in the same ownership that is not exempt land; for example, the owner of taxable land at 30 June 2008, is liable for land tax on that land in respect of the 2008/2009 financial year.
Land Tax Rates for 2008/09
The Land tax rate scale is reviewed annually as part of the Government’s budgetary process.
For the 2008/09 year of assessment, the land tax rates are:
| Aggregated Unimproved Taxable Value of Land |
Rate of land tax | |
|---|---|---|
| Exceeding | Not exceeding | |
| $0 | $300,000 | Nil |
| $300,000 | $1,000,000 | 0.09 cent for each $1 in excess of $300,000 |
| $1,000,000 | $2,200,000 | $630 + 0.47 cent for each $1 in excess of $1,000,000 |
| $2,200,000 | $5,500,000 | $6,270 + 1.22 cents for each $1 in excess of $2,200,000 |
| $5,500,000 | $11,000,000 | $46,530 + 1.46 cents for each $1 in excess of $5,500,000 |
| $11,000,000 | $126,830 + 2.16 cents for each $1 in excess of $11,000,000 | |