| by Kenneth Chase | No comments

Vacant residential land tax

To increase the availability of housing, the vacant residential land tax applies to empty homes in many of Melbourne’s middle and inner suburbs. This tax affects you if you own a home that is located within 16 specific council areas, that has remained unoccupied for more than six months of the calendar year. The tax is charged annually, and is calculated at 1% of the property’s capital improved value. That’s the value of the property, including land, buildings and other improvements. It’s displayed on your council rates notice. If you own a home that was unoccupied for more than six months of the calendar year, you need to notify the State Revenue Office before the 15th of January via its website. Some vacant homes will be eligible for an exemption. But even if your property is exempt, you must still notify the State Revenue Office. Visit the website for more information, including a full list of affected council areas, details about exemptions, and a tool to help you determine if this tax applies to you.

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