The Victorian government’s significant changes to land tax regulations in 2024 have resulted in increased bills for many property owners. The threshold for land tax has been drastically reduced, and new surcharges have been introduced, impacting the overall tax burden. Understanding these changes is crucial for property owners to navigate their financial responsibilities effectively.
- Decreased Threshold: The land tax threshold has been lowered from $300,000 to $50,000.
- Adjusted General Rates: General rates have been modified based on the total taxable value of land holdings.
- Increased Surcharges: New higher rates have been implemented for trust surcharges and absentee owner surcharges.
eConvey Pulse
At eConvey, we understand that navigating the complexities of land tax can be challenging, especially with the recent changes. If you have questions about how these updates affect your property or need assistance with land tax valuation objections, don’t hesitate to reach out. Contact us today on 03 5976 2700 or at eConvey for expert guidance and support.