PPG released a detailed economic report, commissioned by Victorian property and construction companies, analysing the proposed expansion of the Vacant Residential Land Tax.
PPG released a detailed economic report, commissioned by Victorian property and construction companies, analysing the proposed expansion of the Vacant Residential Land Tax.
Our report – which was featured in The Age newspaper – predicted large tax increases on property owners, which would discourage property investment and home building in Victoria.
PPG’s modeling showed that, under the proposed legislation, the owner of a $500,000 block of undeveloped land would pay an additional $6,225 in tax each year – an increase of over 260% since 2022.
A property owner with a $1 million apartment listed for sale but not yet sold would pay $10,000 in extra tax per year – an increase of nearly 1,500 percent.
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