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Property LawHave you checked your 2024 Land Tax Assessment?

29 February 2024

The Victorian State Revenue Office (SRO) started issuing land tax assessment notices for 2024 earlier this month for all taxable land held as at midnight on 31 December 2023.

With the raft of land tax changes introduced at the end of 2023 and taking effect from 1 January 2024, we are receiving a number of enquiries from clients due to significant increases in their 2024 land tax assessments.

Largely this is due to:

  1. Increases in land tax rates;
  2. Increases in the absentee owner surcharge;
  3. The increased application of vacant residential land tax;
  4. The COVID Debt Repayment Plan, incorporating additional surcharges on land tax; and
  5. Changes to the value ascribed by the Victorian Valuer General taxable land.

Check your land tax assessment notice.

If you receive a land tax assessment it is important that you check and consider the assessment promptly after receiving it.

If you notice an error or issue with your land tax assessment or if you wish to object to the ascribed valuation, it is important to do so within 60 days from the date of the land tax assessment. Failure to object within this timeframe may result in the objection not being considered.

This is important in circumstances both in favour of the SRO and also in circumstances where the error is in favour of the land owner, as failure to notify the SRO of an error can result in the imposition of penalty tax and interest being applied.

Objecting to a land tax assessment

If you consider that there is an error in your land tax assessment or the valuation of the taxable land is too high you can object. Such objections must be made in writing and must be lodged with the SRO within 60 days of the date of the land tax assessment.

If you are considering making an objection, SLF Lawyers’ Melbourne Property Team can assist you.