Valuations
Valuations issued by the Department of Natural Resources and Water (NRW) that are effective as at 30 June 2008 will be used to calculate land tax for the 2008-09 financial year.
Relevant unimproved values of land are used to determine land tax liability.
What are the current land tax thresholds to determine liability?
For the 2008-09 financial year an individual landowner resident in Australia may be liable for land tax if the total relevant unimproved value of freehold land held by that person (i.e. the owner's share) in Queensland as at 30 June 2008 is equal to or greater than $600,000.
Similarly, a company, trustee (including trustee/s of deceased estates), or an absentee, may be liable for land tax if the total relevant unimproved value of their share of the freehold land held as at 30 June 2008 is equal to or greater than $350,000 more information.
Am I liable if I only own one property and live on it?
There is an exemption/deduction available for land used as your principal place of residence if you wish to claim this entitlement.
If I am above the threshold what do I need to do and how much will I be liable to pay?
You do not have to take any action.
If you have not previously been liable for land tax and do become liable for the 2008-09 year, OSR will contact you to explain your obligations and entitlements during this period.
If you are liable to pay land tax after a determination has been made on any claims lodged for a deduction/exemption, OSR will mail to you a notice of assessment of land tax on land owned at midnight on 30 June 2008, stating the amount of land tax you are liable to pay.
