Victoria's new land tax set to rake in nearly $1 billion more than expected

New modelling shows Victoria’s new land tax is set to rake in nearly $1 billion more than expected. More than 800,000 investment, holiday home, and business property owners will be impacted by the state government’s COVID Debt Levy. Extra property taxes of up to $1,000 will apply over the next decade to help pay down $32 billion earmarked as ‘COVID debt’. New figures from the Parliamentary Budget Office reveal the tax will net a lot more than originally projected over the next four years. “What we have done is made a commitment to the people of Victoria that we will pay down the COVID debt,” Victorian Health Minister Mary-Anne Thomas said during a media conference on Thursday.