Vic Government Land Tax Announcement May 2023

➡️ What Investors Should Expect and why they shouldn’t hit the panic button just yet.
With the recent wave of media headlines surrounding Victoria’s new land tax, it’s crucial for investors to grasp the implications and understand what it actually means to them.
Matt Lewison, CEO delves into what the average investor can anticipate and assess whether exiting the property market is the right course of action.
Follow OpenCorp:
Facebook: / opencorp
Twitter: @OpenCorp_au
LinkedIn: / opencorp-au
Instagram: @OpenCorp

[@jamesm6341]

I am selling my ip in Geelong, there is no way I will pay 40k land tax over the next 10 years

[@NoChannelChannel]

Already looking at leaving Victoriastan, Jacinta's marry Chrismas is my 94yo grandmother getting land tax bill for last 5 years $3000 which she never payed previously and she is on pension, this is Australia?

[@m2comp369]

But it's not just the latest round of announcements regarding Land Tax causing concern. Since 2014 when the ALP came to office in Vic, my LT has gone from $2400 to $10,500 over the 10 year period. That's on average an increase of just over 30% per year. I can't think of anything else that's gone by a similar rate! However, you have neglected to mention another key factor responsible for the exodus of Landlords from the market - onerous compliance laws that makes you question who even owns the property! Then on top of all of this are the interest rates for anyone financing their IP that have continuously risen over the last 12 - 18 months. This govt has removed the word "investment" from the phrase 'investment property.'

[@phoneticau]

ALP its a numbers game ie 45% are net tax payers and investors, so 55 to 65% are not

[@12345xfire]

Hi Matt, is this extra $995 per property or per land tax aggregation? Eg. if someone owns 2 investment properties with land value of $500k, is the additional $995 levied once on your land holdings (as you only receive 1 land tax assessment) or is it levied per property?