Averaging land values
From the 2007 tax year onwards, the taxable value of each parcel of land you own will generally be determined by adding the land value for the current tax year and the land values that applied for the two preceding tax years then calculating the average.
For example
2008 land value $560,000 (land value as at 1 July 2007)
2007 land value $450,000 (land value as at 1 July 2006)
2006 land value $400,000 (land value as at 1 July 2005)
Total = $1, 410,000 divided by 3
Average land value = $470,000
If the land you own was part of a recent subdivision or amalgamation and did not exist for all three taxing dates, the average value will be calculated using the land values for the taxing dates when the property did exist.
Last updated: 2008-05-09
