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VICTORIAN TREASURER DEFENDS LIFTING OF CAP ON LAND TAX RISES.
MELBOURNE, Feb 1 Asia Pulse - Victorian Treasurer John Lenders has defended the lifting of a cap on land tax rises, saying the measure was always a temporary solution.
The government introduced a cap in 2006, shortly before the state election.
The cap limited annual land tax increases to 50 per cent, but Mr Lenders said today, overall, land tax rates would be cut under the change.
"Capping the increase of land tax bills was a transitional measure introduced in 2006 to provide short term relief for those people whose property values were rapidly increasing," Mr Lenders said.
Under the new rates, the top rate has been cut from 3 per cent to 2.5 per cent, the 1.2 per cent rate has been cut to 0.8 per cent and the 1.8 per cent rate has been cut to 1.3 per cent.
Mr Lenders said the changes would mean 80 per cent of the 180,000 Victorians who paid land tax would pay the same amount or less than they did last year.
"When we put the legislation in place a couple of years ago it was quite clear, while land tax rates were coming down as a transition for those cuts in land tax, there was a cap on rises for a period of time.
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Source: HighBeam Research, VICTORIAN TREASURER DEFENDS LIFTING OF CAP ON LAND TAX RISES.