Navigating Tasmania's Property Market

2 min read

21st May 2024

Discover what's changing and staying in the Tasmanian property market: land tax and grants

Stay updated on Tasmania's latest tax and grant changes from 1 July 2024! Here's all the latest information directly from the Tasmanian State Revenue Office.

These updates include adjustments to land tax thresholds, extended exemptions for newly-built and rental properties, and extended grants for first-home buyers. Understanding these changes can help you navigate the evolving landscape of Tasmania's property market with confidence

Tasmanian property market land tax

Updated, revised, and continuing measures

Land Tax tax-free threshold rises from $99,999.99 to $124,999.99 (Increased)

The land-value threshold amount at which Land Tax begins being calculated is $125,000.

This takes effect on and from 1 July 2024.

Find out more here!

Land Tax exemption for newly-built housing > long-term rental (Extended)

The existing three-year Land Tax exemption for all newly-built housing made available for

long-term rental is extended two years to 30 June 2026 inclusive.

Find out more here!

Land Tax exemption for short-term visitor property > long-term rental (Extended)

The existing one-year Land Tax exemption for short-term visitor accommodation converted

to a long-term rental is extended two years to 30 June 2026 inclusive

Find out more here!

Property Transfer Duty on established homes rises to a 100% exemption (Increased)

The concession rises from 50% to a 100% exemption for eligible first-home buyers of established

homes valued at up to $750,000 (previously up to $600,000). Applies from 18 February 2024 to 30 June 2026 inclusive.

Find out more here!

Property Transfer Duty concession of 50% for pensioners downsizing (Extended)

For eligible pensioners selling their existing home to downsize to a new home or unit at a lower cost (and valued up to $600,000). Extends to 30 June 2025 inclusive.

Find out more here!

First Home Owner Grant (Continuing)

Eligible transactions, commencing from 1 July 2024, will be eligible for the $10,000 Grant.

Find out more here!

Ready to navigate Tasmania's evolving property market with confidence? Contact a Vie Property Finance Advisor today to discuss how these latest updates on tax and grants can benefit you. Whether you're a first-time homebuyer, investor, or looking to optimise your property portfolio, our advisors are here to tailor solutions to your specific needs!

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