From state Rev office Vic
Generally if your land holdings have a total taxable value of $250,000 ($25,000 for trusts subject to surcharge) or more (excluding exempt land) you must pay land tax.
Land tax Rates
2009 General Rates
Total taxable value of landholdings Land tax payable
< $250,000 Nil
$250,000 to < $600,000 $275 plus 0.2% of amount > $250,000
$600,000 to < $1,000,000 $975 plus 0.5% of amount > $600,000
$1,000,000 to < $1,800,000 $2,975 plus 0.8% of amount > $1,000,000
$1,800,000 to < $3,000,000 $9,375 plus 1.3% of amount > $1,800,000
$3,000,000 and over $24,975 plus 2.25% of amount > $3,000,000