Laura Spencer’s Post

Victoria's holiday home owners are bracing for imminent changes as the Vacant Residential Land Tax (VRLT) provisions expand. The 𝘚𝘵𝘢𝘵𝘦 𝘈𝘮𝘦𝘯𝘥𝘮𝘦𝘯𝘵 𝘢𝘯𝘥 𝘖𝘵𝘩𝘦𝘳 𝘈𝘮𝘦𝘯𝘥𝘮𝘦𝘯𝘵𝘴 𝘈𝘤𝘵 2023 (Vic) (𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗔𝗰𝘁) has sparked worries, particularly among property holders in trusts or companies.   But amidst the concern, there's a glimmer of hope. A new proposed Bill offers the possibility of relief by extending exemptions to holiday homes held under trusts and companies. This not only addresses immediate worries but also heralds a significant shift in property ownership regulations.   Claudia Plange, Laura Spencer and Harry Giannakidis discuss the practical application of the Amendment Act and the new proposed Bill, in our latest insight. Click here to read more: https://lnkd.in/gUF9PB3J   #khqlawyers #auslaw #taxlaw #vacantresidentiallandtax #landtax #holidayhomes #victoriarealestate  

Hold a holiday home within a trust or company in Victoria? A forthcoming Bill proposes a welcomed amendment, potentially extending the coveted holding home exemption to properties held under trusts or companies. Previously limited to individuals or vested beneficiaries, this expansion could offer much-needed relief to property owners navigating tax obligations. Read more in our article below, and don't hesitate to reach out if you have further questions: https://lnkd.in/gUF9PB3J #AusLaw #HolidayHomes #TaxLaw #TaxLawUpdate #VacantResidentialLandTax #VictoriaRealEstate

Own a holiday home in Victoria? This one's for you! Victoria's Vacant Residential Land Tax is currently limited to the inner and middle suburbs of Melbourne, but from 1 January 2025, new legislation will expand it to cover any vacant residential property or holiday home across Victoria. In our latest article, we explain: ✔️ Key updates to the legislation and what areas it includes ✔️ Details of the holiday home and other exemptions ✔️ How to apply for an exemption and the application deadline With these changes approaching, now is the time to review your property portfolio and ensure you're fully prepared. Reach out if you have any questions. https://lnkd.in/guQuufGP #PropertyTax #WealthManagement #TaxPlanning #LandTax #RealEstate #VictoriaProperty #RealEstateInvestment

With changes to Victoria’s Vacant Residential Land Tax expanding across the state, property owners must understand how this could impact their tax bill. Whether you own a holiday home or a vacant residential property, it's important to be prepared and aware of the new obligations. Read our latest article and contact our team to discuss how these changes may impact you. #WealthManagement #PropertyTax #InvestmentStrategy #MorrowsAdvisory

🏡💼 As a real estate professional, it's crucial to consider the impact of proposed amendments on homeowners and the broader community. Florida's Amendment 5 aims to adjust the homestead property tax exemption to keep pace with inflation, potentially offering more relief to eligible residents. Here's a breakdown of the key points to ponder: - Amendment 5 could provide much-needed support to seniors and low-income homeowners struggling with property taxes. - The adjustment in the homestead exemption would be based on the Consumer Price Index, potentially easing the tax burden for many. - However, critics argue that the proposal may shift the tax burden onto other groups, such as renters and businesses, impacting local governments' revenue streams. - Financial implications for local governments are a critical concern, with potential cuts to essential services or increases in millage rates. - Landlords might pass on increased property taxes to renters, leading to higher rental costs for those who do not benefit directly from homestead exemptions. In evaluating such amendments, it's essential to consider the balance between providing relief to homeowners and maintaining vital services for the community. What are your thoughts on this proposed change? #RealEstate #Florida #PropertyTax #Amendment5 #Homeowners #CommunityImpact

Property taxes in NYC can feel overwhelming, especially with the city’s high cost of living. Understanding how property taxes work here is essential for both homeowners and potential buyers. NYC’s property tax system is unique, with taxes varying significantly depending on the type of property and location. Many are surprised to learn that while property values in the city are among the highest in the country, property tax rates are relatively low compared to other areas—especially for single-family homes. However, co-ops, condos, and commercial properties often face higher assessments. Staying informed about your property tax obligations is crucial for long-term financial planning. If you’re navigating NYC’s real estate market, it’s always a good idea to consult with a tax professional to make sure you’re maximizing savings while complying with local regulations. How are property taxes impacting your real estate goals? Let’s discuss! 📲👀 #NYCRealEstate #PropertyTaxes #FinancialPlanning #Homeownership

👋 The State Revenue Office has recently announced significant changes to Victoria's Vacant Residential Land Tax (VRLT) starting from 1 January 2025. Previously limited to inner and middle Melbourne suburbs, the tax will now extend to regional areas in Victoria, potentially affecting many holiday homes and regional land holdings. More in our latest blog post: https://lnkd.in/gHUAKHRt #LarkAdvisory #VacantResidentialLandTax #VRLTChanges #VacantLandTaxChanges #StateRevenueOfficeChanges

Victoria’s vacant residential land tax (VRLT) will undergo significant changes, including expanded exemptions for holiday homes and trust-held properties. In this article, our Tax team breaks down what these updates mean for property owners and advisors, and the key compliance dates to keep in mind. Find out more: https://lnkd.in/gsp9VuKs

🏠 Attention Collin County Homeowners! As 2024 approaches, it's crucial to understand your property tax deadlines and exemptions to maximize savings. From key payment dates to navigating the homestead exemption process, our comprehensive guide for Colling County has you covered. Learn how Bezit can assist you in making this process smoother. Dive into the details now - https://lnkd.in/dH5uARjs #PropertyTaxes #HomeownerTips #CollinCounty #HomesteadExemption 

Understanding property taxes 🏠💰 Set by the local government based on the home's assessed value Fund local services like schools and roads Can vary depending on: 🔹 Property value - higher value, higher taxes 🔹 Tax rates - check local rates 🔹 Home improvements - can increase taxes Key to budget for taxes when buying a home, as they impact costs. I can provide guidance on property taxes in your area to fit your budget. Part of being a responsible homeowner is understanding taxes! Reach out with any questions. Do More. Be Better.™️ Licensed Real Estate Salesperson Diane Betz @dianebetzrealtor 631.241.0298 Eric G. Ramsay Jr. Associates, LLC 236 West Main Street Bay Shore, NY 11706 www.ramsayrealtors.com You have a right to fair housing. Fair Housing Notice. Link bio to view. Standardized Operating Procedure for Purchasers of Real Estate Pursuant to Real Property Law 442—H . Link bio to view #dianebetzrealtor #experience #ethics #professionalism #thehelpfulagent #longislandrealtor #longislandrealestate #southshorelongisland #discoverlongisland @dianebetzrealtor