Victorians are anticipated to be slugged with probably the most property tax within the nation this 12 months and past, however NSW will not be too far behind.
That’s the discovering from a Victorian Parliamentary Budget Office report, which revealed the 2 states’ heavy reliance on property taxes.
Both the states generate considerably extra income per particular person by stamp obligation and land tax than different Australian jurisdictions.
Victoria is anticipated to have made the second most whole income from property taxes of all Australian jurisdictions, behind NSW, in 2022-23, the funds workplace report confirmed.
Total property tax income for each Victoria and NSW is anticipated to be broadly comparable from 2023-24 and past.
However, Victoria is anticipated to rake within the highest per-capita property tax income of all of the states till 2026-27, with Victorians set to fork out $2120 in property taxes per particular person in 2023-24.
That was in contrast with $1646 in NSW in 2023-24, and $1343 in Queensland in the identical interval, the report stated.
Victoria’s mixed property tax income per particular person was anticipated to be about 21 per cent greater than in NSW in 2025-26.
“Victoria is expected to rely more heavily on property taxes to generate revenue than any other state,” the report stated.
The report famous NSW was but to launch a state funds for 2023-24.
Victorian Opposition Leader John Pesutto blamed the state’s excessive taxes on “waste and mismanagement” by the Andrews authorities.
Every further greenback in property taxes meant extra strain on rents and property costs, he stated.
“With Victoria’s rents already rising at the fastest rate in the nation, higher property taxes will only make a bad situation worse and push secure, affordable housing for many Victorians even further out of reach,” Mr Pesutto stated.
The NSW Labor authorities just lately axed a plan from the previous coalition administration to start weaning the state off stamp obligation, which might have been partially changed by an opt-in land tax scheme.
Source: www.perthnow.com.au
