Land Tax Updates

The Victorian State Government rolled out the state budget on the 23rd of May.

With the rollout came an unpleasant surprise for Victorian property investors who will be hit with an additional land tax levy as part of a Covid-19 Debt recovery strategy.

Exempt Properties, such as owner occupied residences, remain exempt from these surcharges and the value of the exempt property is not included in your landholdings.

The following surcharges take effect from the 2024 Land Tax Year.

General land tax rates

• For taxable landholdings between $50,000 and $100,000 — a $500 flat surcharge will apply
• For taxable landholdings between $100,000 and $300,000 — a $975 flat surcharge will apply
• For taxable landholdings over $300,000:
  • a $975 flat surcharge
  • an increased rate of land tax by 0.10 percentage points.

Trust surcharge land tax rates

• For taxable landholdings between $50,000 and $100,000 — a $500 flat surcharge will apply
• For taxable landholdings between $100,000 and $250,000 — a $975 flat surcharge will apply
• For taxable landholdings over $250,000:
  • a $975 flat surcharge
  • an increased rate of land tax by 0.10 percentage points.