There are certain statutory allowances a land owner can apply for to reduce either the value of their property and (if they also pay land tax) their land tax liability.
These statutory allowances can relate to the size of the land, the zoning of the land, improvements on the land, and other factors.
These allowances may be sought at any time. Some of them may even be sought and granted retrospectively.
The legislation is complex in this area and as a result, many taxpayers are unaware of and fail to claim their statutory entitlements. Some taxpayers continue to pay higher amounts of land tax over many years.
In some cases, Revenue New South Wales will automatically include the allowance in an assessment and no further action need be taken by the property owner/tax payer to secure the allowance.
In other cases however, the taxpayer needs to lodge a separate special application each year in order to gain the allowance.
Where an application for a statutory allowance has been disallowed, taxpayers should consider their rights of appeal against the decision.