Land Tax

Land tax is a government levy imposed on the value of land owned by individuals or businesses. It is usually calculated based on the land’s assessed value and is paid annually. The purpose of land tax is to generate revenue for public services and infrastructure. Owners of high-value land pay more, encouraging efficient land use and preventing speculation. Unlike property tax, land tax excludes buildings or improvements on the land—only the land itself is taxed. It’s a common tool for governments to fund community needs and promote economic stability.