653R Amount of residential zoned land tax

Summary

This section provides for the calculation of the amount of residential zoned land tax due annually.

Details

(1) Subject to the provisions of sections 653AG and 653AH, in the first year in which residential zoned land tax is charged on a liable person, the relevant site should be valued on the liability date, being 1 February in that year. Thereafter, the relevant site is to be valued on 1 February every three years following the first valuation.

(2) The amount of residential zoned land tax due is calculated by multiplying the market value of a relevant site on the valuation date by the residential zoned land tax rate of 3%.

Relevant Date: Finance Act 2021