How Land Tax Works in Queensland
A question becoming more frequent in recent years is what will I pay in land tax?
It really depends on the unimproved value of the land, and whether you own it as an individual, company or trust.
All Queensland shires saw a massive jump in the Valuer General assessments last year, so while you may not have had to pay land tax previously, you may now.
Further, it is levied on the total taxable value of land owned at midnight 30 June - including investment properties.
Below is lifted from an article that ran on View in September that articulates it best.
- No land tax is payable on land valued below $600,000 for individuals.
- Companies and trustees are liable for land tax if the total taxable value of their freehold land is $350,000 or more.
Legislative framework
The Land Tax Act 2010 governs the assessment and collection of land tax in Queensland, with the Queensland Revenue Office (QRO) responsible for its administration.
The Act sets out the legal requirements for land tax, including who is liable, how the tax is calculated and how it is to be paid. Regular updates to the Act ensure it aligns with the evolving economic and social landscape of the state.
Regular updates to the Act ensure it aligns with the evolving economic and social landscape of the state.
Valuation of land
The valuation process is a critical step in determining the land tax payable. In Queensland, the taxable value of land is based on the unimproved value, which reflects the land's worth without any buildings, improvements, or other structures. This value is assessed by the Valuer-General of Queensland, who conducts annual valuations considering factors such as size, zoning and market trends.
These valuations are communicated to landowners via valuation notices, providing them an opportunity to review and, if necessary, contest the assessed value.
Read more here: https://view.com.au/news/qld/how-land-tax-works-in-queensland/