Sch 1sets out 5 different rates of land tax. Part 1 sets out the general rates of land tax, Part 2 sets out the rate of land tax on transmission easements, Part 3 sets out the land tax surcharge rates for trusts (see also Division 2A of this Part), Part 4 sets out the general absentee owner land tax surcharge rates and Part 5 sets out the land tax surcharge rates for absentee trusts (see also Division 2AB of this Part).

Schedule 1 sets out 5 different rates of land tax. Part 1 sets out the general rates of land tax, Part 2 sets out the rate of land tax on transmission easements, Part 3 sets out the land tax surcharge rates for trusts (see also Division 2A of this Part), Part 4 sets out the general absentee owner land tax surcharge rates and Part 5 sets out the land tax surcharge rates for absentee trusts (see also Division 2AB of this Part). S. 35(1A) inserted by No. 26/2015 s. 29(2), amended by Nos 40/2016 s. 20, 17/2019 s. 36, repealed by No. 47/2020 s. 41(b). S. 35(2) amended by No. 26/2015 s. 29(3), repealed by No. 47/2020 s. 41(b). S. 35(3) inserted by No. 28/2017 s. 54(2), substituted by No. 38/2023 s. 27A. (3) Subject to section 88EB, the rate of vacant residential land tax is— S. 35(3)(a) substituted by No. 38/2023 s. 34A. (a) for residential land within the meaning of section 34B(2B)—1%; or S. 35(3)(b) substituted by No. 38/2023 s. 34A. (b) for any other land— (i) if the land was not liable for vacant residential land tax in the preceding tax year—1%; or (ii) if the land was liable for vacant residential land tax in the preceding tax year but not the tax year preceding that tax year—2%; or (iii) if the land was liable for vacant residential land tax in the last 2 preceding tax years—3%. S. 35(3)(c) repealed by No. 38/2023 s. 34A. For the purposes of the vacant residential land tax, the taxable value of the land is the capital improved value of the land as at the relevant date—see section 19(1A). S. 35(4) inserted by No. 52/2021 s. 57(2). (4) BTR special land tax is determined in accordance with Division 3B. Division 2—How is land tax assessed?