Victorian Government Introduces New Land Tax As Part Of ‘COVID-19 Debt Recovery Plan’
Published on January 5, 2024
The Victorian Government has just introduced a new land tax in 2024 that is set to affect more than 800,000 Victorians. The tax was introduced in May 2023 as a means of paying off the substantial level of debt accrued by the Victorian Government throughout the COVID-19 pandemic. The 10-year “COVID-19 Debt Levy” stipulates that Victorians who own a holiday home or investment property worth between $50,000 and $100,000 must pay an extra $500 in land tax annually. The tax increases to $975 annually for properties worth up to $300,000, with an additional 0.1 percent added for every dollar above that. Previously, Victorians weren’t required to pay any land taxes if the value of their properties was under $300,000....