Land tax soars 1200 per cent
A 73-year-old grandfather may have to sell his retirement property nest egg after a near-1200 per cent increase in land tax in 12 months, or a rise from $5300 to more than $67,900.
Brian O'Neill's astonishing tax bill rise is being repeated across Victoria where recent state government revaluation of land is forcing many property-owning paper millionaires to sell off their assets. O'Neill, a father of eight and grandfather of 23, bought and renovated the two-shop, seven-office complex 40 years ago. The property is located in Martin Street, Brighton, about 12 kilometres south-east of Melbourne.
Read the full article on the Australian Financial Review.