Thursday, 14 November 2019

In reply to  Mr ONDARCHIE (Northern Metropolitan) (12 September 2019)

Mr PALLAS (Werribee—Treasurer, Minister for Economic Development, Minister for Industrial Relations):

Properties are valued as at 1 January for use in the subsequent tax year. This is a longstanding feature of the valuation cycle.

As a result of the Andrews Labor Government reforms, from 2019, land valuations will be conducted annually rather than every two years. This will ensure land tax assessments more accurately reflect the value of taxpayers’ property assets. This means that 2019 land tax assessments were based on land valuations as at 1 January 2018. Land tax assessments issued in 2020 will reflect land valuations as at 1 January 2019. Annual valuations wilt ensure that if land values are falling, this is passed on to taxpayers more quickly.

Thank you for raising the concerns of your constituents.