Commercial and industrial property tax from 1 July 2024

Published on 11 December 2023

In the 2023–24 State Budget, the Victorian Government announced that land transfer duty (stamp duty) on commercial and industrial property will be abolished and replaced with the commercial and industrial property tax. 

From 1 July 2024, commercial and industrial properties will transition to the new system as they are sold, with the annual property tax to be payable from 10 years after the transaction. 

The commercial and industrial property tax will be 1% of the property’s site value.  

On Monday 11 December 2023, following a period of consultation, the Victorian Government released further details about the reform. For more information, visit the Department of Treasury and Finance website.