Preparing for 2024 land tax year

01 November 2023

In preparation for the 2024 land tax year, we have provided some key information which may be useful.

The 2024 land tax rate and thresholds

The thresholds for your land values change each year.

Previously the land tax thresholds were gazetted on 15 October each year. Due to recent legislation amendments, the land tax thresholds will now be published in the Government Gazette on the first Friday in December of each year. The 2024 land tax thresholds will be published on Friday 1 December 2023.

Land tax is applied for the full year following the taxing date of 31 December, and no pro-rata calculation applies.

For further information on land tax thresholds, please visit Land tax thresholds.

Buying or selling a property

Early issue notice of assessment

The 2024 land tax notice of assessments will commence being issued from Wednesday 3 January 2024.

If you will be undertaking a property settlement in the beginning of the new year, (e.g. your settlement date falls in the first week of January), you can request an early issue of your notice of assessment for 2024.

If you are requesting an early issue of your notice of assessment and/or require a change to your land holdings, (e.g. change of principal place of residency exemption), you will need to:

  1. Log in to your MyServiceNSW account.
  2. Update your land tax details.
  3. Enter the property settlement date.

Please note: To receive your early issue notice of assessment via email, please log in to your MyServiceNSW account and update your communication preference to email.

For further information on lodging a return, please visit Land tax online.

Section 47 clearance certificate

You can request a 2024 Section 47 land tax clearance certificate through one of our Client Service Providers (CSPs) from Monday 11 December 2023.

Please ensure requests for a clearance certificate are done once settlement has been scheduled. Processing times may take up to 10 business days from the request date.

At settlement, you will need to provide to the purchaser one of the following documents:

  • The Section 47 land tax clearance certificate showing a charge, either a vendor or purchase copy;
  • A copy of a notice of assessment (if due date has not passed); or
  • If the due date has passed on the notice of assessment, the Amount to Clear (ATC) / clearance quote.

The charge on the land will be considered removed upon payment of the amount shown on any of these documents.

Please note: A clear clearance certificate does not absolve the vendor from any liability or potential future liability, but rather protects the purchaser.

For further information on applying for a clearance certificate, please visit Buying or selling a property.

Principal place of residence exemption

Changes to the Land Tax Management Act (LTMA) 1956 will require individuals who use and occupy land as a principal place of residence (PPR) together to have a minimum 25% stake in a property to claim the exemption.

Landowners who are eligible to claim the PPR exemption prior to 31 January 2024, 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.

Owners who purchase property on or after 1 February 2024 and do not meet the minimum ownership requirement will become liable from the 2025 land tax year.

For further information on applying for an exemption or concession, please visit Apply for an exemption or concession.

Updates to our payment options

We have made changes to our payment options that will take effect from the 2024 land tax year which include:

  • The initial notice of assessment due date has increased from 40 days to 60 days.
  • Payment plan options have increased from 6 months to 9 months.
  • Payment options are outlined on the new notice of assessment.
  • Introduction of SMS and email payment reminders.

For further information on paying your land tax, please visit Pay your land tax.

Receive your 2024 land tax notice of assessment via email

Land tax notifications can be sent directly to your inbox. To receive all notifications by email, follow the steps under ‘update communications preference to email’ on our Land tax online page.

If your communications preference is currently email, please log in and confirm that your email address is up to date.

For further information on updating your communication preference to email, please visit Land tax online.