On the back of the recent NSW stamp duty/land tax increase, The Victorian Government have just announced a reduction in land tax.
The main highlights are -
The 5 per cent top rate will drop progressively to 3 per cent and the tax-free threshold will increase from $150,000 to $175,000.
An increase in the tax-free threshold by $25,000 to $175,000 will free 24,000 Victorians from the land tax net from July 1.
A further 21,000 will benefit from a progressive fall in the top land tax rate from 5 per cent to 3 per cent by 2008-09 and 10 per cent adjustments to land tax brackets on properties valued between $675,000 and $1.08m over the next two years.
You can read the full article at http://www.news.com.au/common/story_page/0,4057,9343948%5E26462,00.html
What does everyone think?
I feel that by 2008 land values will have increased to a degree that makes the cuts almost useless, but it's better than nothing right?
The main highlights are -
The 5 per cent top rate will drop progressively to 3 per cent and the tax-free threshold will increase from $150,000 to $175,000.
An increase in the tax-free threshold by $25,000 to $175,000 will free 24,000 Victorians from the land tax net from July 1.
A further 21,000 will benefit from a progressive fall in the top land tax rate from 5 per cent to 3 per cent by 2008-09 and 10 per cent adjustments to land tax brackets on properties valued between $675,000 and $1.08m over the next two years.
You can read the full article at http://www.news.com.au/common/story_page/0,4057,9343948%5E26462,00.html
What does everyone think?
I feel that by 2008 land values will have increased to a degree that makes the cuts almost useless, but it's better than nothing right?
