From 1 February 2024, the principal place of residence land tax exemption will only be available to a resident occupying the property as their principal place of residence who owns an interest of at least 25% in the property.
The transitional provision provides that those who already claim the principal place of residence exemption from land tax but own less than a 25% interest in the land may continue to claim the exemption for the 2024 and 2025 land tax years. The minimum 25% ownership requirement will then apply to those owners from the 2026 land tax year.