What is vacant land for land tax purposes?
The Valuer-General provides the Commissioner of State Revenue with data about valuations of land in Tasmania for the purpose of calculating land tax. Land tax is levied on the assessed land value of taxable land; assessed land value is determined by the Valuer-General in accordance with the Valuation of Land Act 2001.
The assessed land value is the expected market value of the land, assuming that the improvements on the land, if any, had not been made. Therefore the assessed land value does not include the value of capital improvements such as houses or other buildings.
Valuing vacant land for duty purposes
Section 248 of the Duties Act 2001 provides the Commissioner of State Revenue with a method of determining the dutiable value of a dutiable transaction relating to the sale or transfer of real property (or an interest in real property) where the stated consideration is considered to be inadequate.
To determine the dutiable land value, the capital value of the vacant land applicable at the date of the dutiable transaction is multiplied by the relevant land adjustment factor provided by the Office of the Valuer-General.
Land values and valuation adjustment factors are available from the Land Information System Tasmania (the LIST). There is a charge associated with these searches.
Valuation adjustment factors are available from the Office of the Valuer-General website.