Victorians are facing financial challenges due to increasing property taxes, highlighting a concerning trend for many property owners.
Recent figures from the Department of Treasury and Finance for the 2023-24 fiscal year show that 33.45 per cent of overdue land tax bills are over a year late.
This is a 34 per cent increase above the target level.
State Member for Shepparton Kim O’Keeffe said she believed the data showed Victorians were “under extreme financial pressure and struggling to pay on time”.
“This data provided by DTF highlights the unachievable financial expectations from the government when they are taxing Victorians to the max,” she said.
“I have been inundated with constituents shocked by the extreme increase in land tax and the unexpected financial stress this has caused.
“Many simply cannot afford the imposed increased land tax and are selling their properties as it is no longer viable and are struggling to cover the increased tax.”
Additionally, the 2024-25 Victorian budget projects that net debt will reach $187.8 billion by 2027-28, with interest repayments also expected to rise.
“It is astonishing,” Ms O’Keeffe said.
“There is so much more we could be doing with that money.”
Addressing the backlog of tax bills, the DTF acknowledged that aged debts significantly contributed to the current figures, particularly from the COVID-19 pandemic and the years that followed.
The department is implementing targeted debt reduction measures to address this growing concern.