Which of the following statements about land tax in Victoria is correct?
Correct Answer
D) Land tax is assessed on the land's site value, and a principal residence is generally exempt.
Victorian land tax is a state tax assessed each year on the total taxable site value of land an owner holds at midnight on 31 December. Site values come from the Valuer-General's valuations. The owner's principal place of residence is generally exempt, as is primary production land and certain other land. The State Revenue Office administers it.
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