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.
Why This Is the Correct Answer
Victorian land tax is assessed on the site value of taxable land, and the owner's principal place of residence is generally exempt. The State Revenue Office assesses it annually on the total site value of all non-exempt land held above the threshold.
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