The rising costs of Land tax bills are arriving across the State of Victoria, and many have been left stunned by staggering increases.
Speaking to many clients and listening to many of the media outlets like 3AW and the nightly news services, its being reported that there are some very big increases in the Land Tax invoices that many property owners are receiving.
Many property owners are reporting that land tax has doubled or tripled. It’s just another cost for property owners who will now look at passing that onto tenants where possible, further driving up the prices in the rental market. We have seen many changes in the property market recently, and this is one out of many.
CEO of the Real Estate Institute of Victoria, Quentin Kilian was interviewed. He said, “that skyrocketing land tax bills aren’t only costing the rich, they’re hurting the battlers. We know that 80 per cent of investors into rental real estate across Australia are people who own one property and earn under $90,000 a year. At the end of the day lazy taxes like stamp duties and land taxes, which, as you say, hit aspirational people, they then hit renters and hit everybody in between. They do nothing to add value to the whole property sector, they just detract from it.”
As property tax specialist and an accountant, there is nothing we can do to decrease any land taxes that become due & payable. Our recommendation would be to double check the details on your land tax notices for accuracy. Paying special attention to the market value of any land holdings. If you are unsure or believe this is not accurate, contact the SRO immediately to ask further questions. For all other issues, Financially Sorted are property specialist tax accountants, being some of the leading property tax specialists.