The Victorian state government is planning to hit homeowners, homebuyers, and investors with additional taxes to tackle its debt in the 2021-22 state budget. The Andrews Labor government said the budget would protect the state’s revenue base with $2.7 billion in austerity measures and a $3.6 billion program to reprioritise government spending. These measures involve raising land tax on properties valued between $1.8 million to $3 million from 1.3 to 1.55 percent—a 19 percent increase. Tax on properties valued over $3 million will be raised from 2.25 to 2.55 percent—a 13 percent increase. A new premium stamp duty rate will also be introduced to properties transactions that surpass $2 million. Homebuyers will be charged $110,000 plus 6.5 percent of value over $2 million. The government estimates the new stamp duty will bring in an extra estimated $137 million and is expected to impact less than four percent of transactions. Land …