It really depends on the land value, for example
An house worth 650k in the market, but council evaluation is 450k with 31k in land value
The SRO (state revenue office) will use the council value to calculate the land tax (not the market value).
And SRO in victoria only charges a very low rate
| otal taxable value of landholdings | Land tax payable | ||
|---|---|---|---|
| < $25,000 | Nil | ||
| $25,000 to < $250,000 | $82 plus 0.375% of amount > $25,000 | ||
| $250,000 to < $600,000 | $926 plus 0.575% of amount > $250,000 | ||
| $600,000 to < $1,000,000 | $2,938 plus 0.875% of amount > $600,000 | ||
| $1,000,000 to < $1,800,000 | $6,438 plus 1.175% of amount > $1,000,000 | ||
| $1,800,000 to < $3,000,000 | $15,838 plus 0.7614%* of amount > $1,800,000 | ||
| $3,000,000 and over | $24,975 plus 2.25% of amount >$3,000,000 | ||
Ref: http://www.sro.vic.gov.au/sro/SROnav.nsf/LinkView/DA6A217C7F452EF8CA2575D20021EBE7C580F3A333F4AD44CA2575D10080AD1C
The the cost for your land is just around 395.00 even lower than 400.00
