Bracks deals out $1.9b land tax cuts

Victorian land tax will be cut over the next five years as part of the State Government's $1.9 billion in tax cuts. The 5 per cent top land tax rate will drop progressively to 3 per cent, benefiting about 45,000 property investors and businesses. The tax-free threshold will also be lifted from $150,000 to $175,000. The Property Council of Australia said land tax has long been a significant disincentive to investment in Victoria.