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You are assessed based on the total land value of all your interests in land, whether you own them as an individual or as a joint owner.
For example, if you have a 50 per cent interest in jointly owned land, your individual tax assessment will include 50 per cent of that land plus 100 per cent of any land you own individually.
You will receive separate assessment notices for any jointly owned land.
If you own land with one or more other owners, you are considered a joint owner of land. Under the legislation, we are required to assess jointly owned land as if it were owned by one person. The partnership receives the benefit of the one threshold.
As a joint owner, you will be assessed as follows:
The joint owners together are called the ‘primary taxpayer’ and are assessed as if they are a single owner.
Each joint owner is called a ‘secondary taxpayer’ and will be assessed separately on all their interests in land, with their share of each jointly owned parcel of land added to the value of each parcel of land that they own individually.
Where tax is paid by the joint owners, each joint owner is entitled to a secondary deduction in their separate assessments to avoid double taxation.
Property A (50%) - $600,000 Property B (100%) - $550,000
An individual assessment applies to Joe’s 50% share of Property A (50% of $1,200,000 = $600,000) and to the total value of Property B ($550,000) combined.
Individual calculation
$1,150,000 (total land value) - $1,075,000 (2024 general land tax threshold) x 1.6% + $100 (general land tax rate) = $1,300
Secondary Deduction Calculation A
(Interest in Primary/Total Primary) x Tax in Primary
($600,000/$1,200,000) x $2,100 = $1,050
Secondary Deduction Calculation B
(Interest in Primary/Total Secondary) x Tax in Secondary
($600,000/$1,150,000) x $1,300 = $678.26
Land Tax Payable
$1,300 – $678.26 = $621.74
The allowable deduction ($678.26) is the lesser of the two calculations and this amount is deducted from the total amount of land tax ($1,300) in individual assessment.
Property D (100%) - $3,500,000 Property E (100%) - $3,500,000
Calculation
$7,000,000 (total land value) - $6,571,000 (2024 premium land tax threshold) x 2% (premium land tax rate) + $88,036 (maximum general land tax payable) = $96,616