Victorians left stunned by staggering land tax increases

Land tax bills are arriving across the state and many have been left stunned by staggering increases.

Kay told Neil Mitchell the land tax for her business in Melbourne’s west has more than tripled from $24,000 to $80,000.

“We’re a small business and we had a good business plan and the land tax has just gone up triple — we just can’t plan for that,” she said.

Press PLAY below to hear what happened to Kay’s story

CEO of the Real Estate Institute of Victoria, Quentin Kilian, says 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,” he told Neil Mitchell.

“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.

Press PLAY below to hear how land tax increases are “hurting the battlers”