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Significant changes to Victorian land tax assessments to result in higher land tax bills
Land tax assessments are now being issued in Victoria, with landowners finding their land tax bills to be substantially higher than expected, due to significant changes from 1 January 2024. Hundreds of thousands of taxpayers will also be receiving land tax assessments for the first time altogether.
Vacant Residential Land Tax Changes and Significant Actions Required by Landowners
Changes to the Victorian vacant residential land tax (VRLT) will take effect from 1 January 2025 and 1 January 2026.
As vacant residential land tax assessments for 2025 will be based on usage from 1 January 2024 to 31 December 2025- it is critical that landowners are across the changes now.
Holiday homes to be hit by Victoria’s vacant residential land tax unless usage documented
Expansion of the Vacant Residential Land Tax, from 1 January 2025, will start to capture holiday homes outside of inner/middle Melbourne. Therefore, holiday homeowners should consider their vacant residential land tax position.