More properties subject to Queensland land tax amid climbing land values<\/a><\/p>\nThe state government is estimated to have made more than $2 billion from land tax in the latest financial year, $300 million more than the year before.<\/p>\n
“As we all know, property prices do continue to rise here in the sunshine state.<\/p>\n
“So inevitably, we will see more properties and more individuals captured by that land tax regime.”<\/p>\n
Government rules out changes<\/p>\n
The government confirmed to the ABC it had no plans to change the threshold.<\/p>\n
In a statement, Treasurer David Janetzki said the government was providing stability and certainty to the state’s taxation and regulatory settings to restore investor certainty.<\/p>\n
A spokesperson for Queensland Treasury also argued that the threshold was among the “most generous” in Australia, pointing out Victoria had a $50,000 tax threshold.<\/p>\n
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“Despite the recent nationwide increases in land values, the current land tax threshold and exemptions in Queensland ensure that most landowners won’t have a land tax liability,” the spokesperson said.<\/p>\n
“And those with small investment property holdings generally have only a minimal land tax liability.<\/p>\n
“In particular, the key exemption for principal places of residence means that most Queensland home owners have no liability for land tax.”<\/p>\n
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Treasurer David Janetzki says the government is providing stability and certainty with its tax settings. (ABC News: Lucas Hill)<\/p>\n
‘It’s a good source of revenue’<\/p>\n
According to this year’s state budget, the government was expected to raise $2.47 billion from land tax in 2024-25 \u2014 up from $2.03 billion in 2023-24.<\/p>\n
That number is projected to increase further in 2025-26 to $2.81 billion, before climbing to $3.26 billion in 2026-27.<\/p>\n
The budget papers note the jump in revenue last financial year reflected “strong land value growth” across the state.<\/p>\n
Read more on Australia’s housing market:<\/p>\n
However, University of Queensland economics professor John Quiggin said there was a good case for lowering the land tax threshold.<\/p>\n
“Land tax is the most efficient tax available to governments, and we have quite a generous threshold,” he said.<\/p>\n
“When we’re looking at where the government [can] raise revenue, if we compare that for example to raising it from gambling or stamp duty, land tax is really the best choice available to them.<\/p>\n
“It’s a good source of revenue.”<\/p>\n
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Of the 60,828 land tax payers, 50 owned over $10 million in land. (ABC News:\u00a0Christopher Gillette)<\/p>\n
Some exemptions granted\u00a0<\/p>\n
Of the 60,828 individuals subject to land tax in 2024-25, there were 50 who owned $10 million in taxable land.<\/p>\n
Another 272 individuals owned between $5 million and $9.99 million in taxable land.<\/p>\n
The vast majority of land tax payers \u2014 or about 42,176 people \u2014 were liable to pay tax on land worth between $600,000 and $999,999.<\/p>\n
According to Treasury, it also granted 52,890 land tax exemptions to first time taxpayers in 2024-25 and 33,088 the year before.<\/p>\n
Queensland Treasury says properties subject to the tax could include those with exemptions where at least one owner was liable to pay the tax.<\/p>\n","protected":false},"excerpt":{"rendered":"Thousands more properties have fallen under Queensland’s land tax regime, as the state government raises hundreds of millions…\n","protected":false},"author":2,"featured_media":327995,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[15881,43,38063,61060,44,126446,94,701,183929,1003,44063,4961,72754,41,39,42,40,13998],"class_list":["post-327994","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-antonia-mercorella","tag-headlines","tag-land","tag-land-tax","tag-news","tag-properties","tag-qld","tag-queensland","tag-queensland-treasury","tag-real-estate","tag-regime","tag-tax","tag-threshold","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-treasury"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/327994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=327994"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/327994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/327995"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=327994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=327994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=327994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}