BRACKS BACKS DOWN May 2001 RETURN
Recent threats of a flat rate Land Tax of 2.8% caused a furor amongst property owners. This State Government Tax would have brought the Victorian Property Industry to its knees, eg a $300,000 property would have had an annual charge of $8,400 - well over 50% of its rental value. After much lobbying and a realization that it would probably lose the next election on this issue alone, the Bracks Government had a complete back down abd actually suggested a reduction in current property taxes may be implemented.
Recent threats of a flat rate Land Tax of 2.8% caused a furor amongst property owners. This State Government Tax would have brought the Victorian Property Industry to its knees, eg a $300,000 property would have had an annual charge of $8,400 - well over 50% of its rental value. After much lobbying and a realization that it would probably lose the next election on this issue alone, the Bracks Government had a complete back down abd actually suggested a reduction in current property taxes may be implemented.