New data released by the Victorian Government shows more than 250,000 Victorians hold a land tax liability on property valued between $50,000 and $300,000.
Of that group, 90 per cent own just one taxable property. Only around two per cent are paying land tax on three or more taxable properties.
The data also breaks down the age profile of people in this land tax bracket.
More than 86,000 are aged under 50, including almost 48,000 in their 40s and more than 31,000 in their 30s. A further 51,000 are in their 50s. The median age across the bracket is 53.
Geographically, the council areas with the highest numbers of land tax payers in this bracket are concentrated in Melbourne’s outer suburbs and regional Victoria. The City of Melbourne recorded the highest number at 9,111, followed by Casey (8,311), Boroondara (7,668), Wyndham (7,592) and Greater Geelong (7,263).
Rounding out the top ten were Whittlesea (6,969), Monash (6,458), Hume (6,413), Whitehorse (5,945) and Mornington Peninsula (5,529). The figures are based on taxpayers’ recorded delivery addresses.
Treasurer Colin Brooks pointed to the single-property concentration in the data.
“We know that people who are within these tax brackets overwhelmingly own one taxable property,” Mr Brooks said.
He also drew a link between the age profile of payers and mortgage stress.
“Thousands are in their 40s or younger and the median age is around 53 – ages where most people are still paying mortgages,” Mr Brooks said.
“Working people who are paying off two mortgages are feeling the pressure as much as anyone right now.”