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.

If you would like further information on this issue, please contact us.



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