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Victoria lands tax cuts

The Victorian Government has made property ownership slightly cheaper wit a welcome reduction in Land Tax rates.

Homeowners in Victoria recently won some respite from State taxes, when Treasurer John Brumby delivered his Budget last week.

The Victorian Government announced that the land tax threshold will again be raised (from $200,000 to $225,000) and the top rate will be dropped from 3 per cent to 2.5 per cent next year. This will mean that the top rate of land tax in Victoria will have been halved in just four years.

Among other tax changes are the funding of stamp duty relief for homebuyers announced during the election and the increasing of the First Home Bonus to $5,000 for newly constructed homes.

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