NEW MEASURES FOR VACANT PROPERTIES IN VICTORIA (LAND TAX REFORM)
- Posted By Prince Lakshman
Starting 1 January 2018, homes that are left unoccupied for more than six months of the previous calendar year, are subjected to be taxed under the Victorian Government vacant residential land tax (VRPT)
Last year, the Victorian Government introduced the vacant residential land tax (VRPT). This is in response to the Government’s concern about the growing number of properties being left vacant across Melbourne’s inner and middle suburbs. The Government also believes that this will encourage land owners to make residential properties available for purchase or rent so that Melbourne’s current housing stock is used as efficiently as possible.