Sam Hibbins to ask the Treasurer —
Is the Government considering amending land tax laws so that commercial heritage buildings with significant income pay a fair rate of land tax.
Response from the Treasurer
In 2019, the Government amended the Valuation of Land Act 1960 resulting in heritage-registered properties being valued on a ‘highest and best use’ basis consistent with all other commercial properties. This addressed potentially anomalous outcomes, such as $1 site values, following the 2018 Victorian Civil and Administrative Tribunal decision ISPT Pty Ltd v Melbourne City Council and Valuer General Victoria [2018] VCAT 1647.
Under limited circumstances, where there is a clear plan for conservation works to be undertaken on a heritage-registered property, landowners may be eligible for remission or deferral of their land tax liability. This requires approval of the Heritage Council, following my consent and the consent of the Minister for Planning.
