Which of the following statements about land tax in Victoria is correct?
Correct Answer
B) Land tax is calculated on the unimproved capital value of land and the principal place of residence is generally exempt
Victorian land tax is a state tax assessed annually on the total taxable value of all land owned (excluding exempt land). The owner's principal place of residence is generally exempt. It is calculated on the unimproved capital value (site value) determined by the Valuer-General and administered by the State Revenue Office.
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