Victorian 2024 Land Tax Rates Have Increased
The State Revenue Office of Victoria is currently issuing land tax assessment notices for the 2024 land tax year and many Victorian taxpayers will find that their land tax assessment has increased. In addition, many taxpayers will receive a land tax assessment for the first time.
This is because land tax rates increased effective from 1 January 2024 as part of the Victorian Government’s Covid Debt Levy to recoup some of the budget deficit resulting from Covid-related Government spending.
What has changed?
For individuals and companies, the tax-free threshold will drop from $300,000 to $50,000. In addition, the rates for the 2024 Land Tax year have increased.
| Land Value | 2023 Land Tax General Rate |
2024 Land Tax General Rate |
| Less than $50,000 | Nil | Nil |
| $50,000 to < $100,000 | Nil | $500 |
| $100,000 to < $300,000 | Nil | $975 |
| $300,000 to < $600,000 | $375 plus 0.2% of amount > $300,000 | $1,350 plus 0.3% of amount > $300,000 |
| $600,000 to < $1,000,000 | $975 plus 0.5% of amount > $600,000 | $2,250 plus 0.6% of amount > $600,000 |
| $1,000,000 to < $1,800,000 | $2,975 plus 0.8% of amount > $1,000,000 | $4,650 plus 0.9% of amount > $1,000,000 |
| $1,800,000 to < $3,000,000 | $9,375 plus 1.55% of amount > $1,800,000 | $11,850 plus 1.65% of amount > $1,800,000 |
| $3,000,000 and over | $27,975 plus 2.55% of amount > $3,000,000 | $31,650 plus 2.65% of amount > $3,000,000 |
The highest land tax rate therefore increases from 2.55% to 2.65% (for land valued above $3 million).
For land held in trusts, additional surcharge rates apply on top of the general rates (for land valued below $3 million).
Absentee owner surcharge and vacant residential land tax can also apply on top of the general rates in certain circumstances.
- A full list of Land tax current rates can be found on the State Revenue Office Victoria website.
Next steps
If you own land in Victoria, you should check your land tax assessments to ensure that they correctly record properties and land values.
Want to know more about how Bentleys can help you?
If you have any questions regarding land you own and the land tax due, please contact your Bentleys advisor to discuss your situation.We’re here to help you get where you want to be.
Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.
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