land tax

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A land value tax or location value tax (LVT), also called a site valuation tax, split rate tax, or site-value rating, is an ad valorem levy on the unimproved value of land. Unlike property taxes, it disregards the value of buildings, personal property and other improvements to real estate. A land value tax is generally favored by economists as (unlike other taxes) it does not cause economic inefficiency, and it tends to reduce inequality.Land value tax has been referred to as "the perfect tax" and the economic efficiency of a land value tax has been known since the eighteenth century. Many economists since Adam Smith and David Ricardo have advocated this tax, but it is most famously associated with Henry George, who argued that because the supply of land is fixed and its location value is created by communities and public works, the economic rent of land is the most logical source of public revenue.A land value tax is a progressive tax, in that the tax burden falls on titleholders in proportion to the value of locations, the ownership of which is highly correlated with overall wealth and income. Land value taxation is currently implemented throughout Denmark, Estonia, Lithuania, Russia, Singapore, and Taiwan; it has also been applied to smaller extents in subregions of Australia, Mexico (Mexicali), and the United States (e.g., Pennsylvania).

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    NSW NSW Land Tax - Primary Production Exemption

    I recently purchased 15 acres land which is flood prone and at very low level. It is zone Rual RU4 small lots. Out of the 15 acres, about 10 acres are completely unusable (that is useless even for grazing!!!) due to running creeks, swamp, protected steep hill bush land. About 1000 sqm...
  2. AndreaC

    VIC Land tax obligation on original purchaser post nomination of second purchaser for off plan

    Hi. I entered a contract for an off the plan apartment in Melbourne prior to any development and thus eligible for the concession but I am considering transferring/nominating the sale. I am not sure if the developers actions at the moment (builder contracted but not change in state of site)...
  3. C

    QLD Land tax in Queensland

    I have a question about being an absentee for Qld land tax. I know its a long shot, but I will still ask. In Qld you are deemed an absentee if you reside out of the country,even if you are an Australian citizen. I have been told that I have to pay a huge amount, 3 times my yearly income, because...
  4. A

    TAS land taxation on vacant land

    Hi, a friend has asked me about land tax. He is thinking of buying some land in Tasmania. He is a first time buyer of property. 1. If he buys a small block 800m2 residential zone with the intention to eventuslly build his home on It what, if any, land tax does he need to pay? 2. If he buys 3ha...
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    NSW Land Tax Surcharge for Foreigners - Any Recourse?

    Is land tax surcharge for foreigners? My property is under my name (citizen) and my partner (bridging visa). I received a letter from NSW service that my partner have to pay land tax. I am the first home loan owner then my partner. My partner has left the country for good over 2 years ago...
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    VIC Land tax - Living next door to parents / adjoining property

    Hi All, I live next-door to parents. >> How should we restructure our family properties to legally reduce land tax? I'm writing on behalf of my parents. They received their land tax bill, which has doubled since last year! (30k >> 65k !!) They/we simply don't have that kind of money to pay...
  7. M

    VIC LAND TAX question - Victoria

    Hi, My land tax bill just increased from $13,000 last year to $24,000 this year! That is not my issue. Land tax is based on the land value of the property. The State Revenue Office assess your land value as at the 31st December 2018. They use the council valuations that are provided to them...
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    VIC Grounds to Dispute Land Tax?

    Hi, Wondering if someone can please give me grounds to object to land valuation which has impacted my land tax I have to pay? I received notice from SRO and the value has increased 3 times what it was last year, with no explanation given. I spoke to SRO and they told me that they rely on...
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    NSW Answers to Land Tax Issues?

    Are there any forums on this website which cover land tax issues?
  10. O

    NSW Property Law - Notify Tax Department of New House as Inheritance?

    Hi, The title of my inherited house was issued on 23/12/2015. I want to make this inheritance my main residence. My own house comes under the land tax threshhold. Do I have to notify the tax department under Property Law and claim an exemption as this means I have 2 houses in one year? Thank you