The land values used represent the unimproved land value. Therefore, the land value does not include the value of a home or other structures or improvements. It should take into account the ‘highest and best permitted use’.
Any objections to the land values used to calculate a land tax assessment should be made directly to the Valuer General. If there is any revaluation OSR will issue a reassessment.
LAND ACQUISITION – ADDITIONAL COMPENSATION
The NSW Government has increased the compensation paid for the compulsory acquisition of land to a maximum of $75,000. People may be eligible for a backdated payment if the property they owned or lived in was acquired by a NSW government authority between 26 February 2014 and 17 October 2016. Eligible people are able to register to receive the additional amount.
TRANSFERS BETWEEN MARRIED COUPLES AND DE FACTO PARTNERS
An exemption from duty may apply where a transfer of residential land between a married couple or de facto partners results in the property being held as joint tenants or tenants in common in equal shares. The property being transferred must be either:
- the family home (principal place of residence) or
- vacant land which is intended to be used as the site of the family home.
BREAK-UP OF MARRIAGES AND OTHER RELATIONSHIPS
Where a marriage, de facto or domestic relationship is dissolved, annulled or terminated, any transfer, or agreement for the sale or transfer of matrimonial/relationship property may be exempt. The property must be transferred to one of the parties of the marriage or relationship, or to the child or children of either or both of them (including a trustee for the child or children).