Victorian Budget – Property Taxes
In the budget issued on Tuesday, the Victorian Government has increased the taxes people pay on non primary properties by cutting the tax-free threshold for land tax from $300,000 to $50,000.
The government is also levying temporary fixed charges of $500 for properties up to $100,000 in value and $975 on those up to $300,000.
In addition the rate of land tax will increase by 0.1 per cent.
The changes will take effect from 1st January 2024.
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