Victoria, already the highest property-taxing big state, will increase its total tax take from land and building owners to 47 per cent, or $22.4 billion of a total $47.9 billion, over the next four years, under the latest Labor budget.

Stamp duty revenue will jump 20 per cent to $11 billion, land taxes will leap 24 per cent to $7.5 billion and a new emergency services and volunteers fund levy will nearly double from $1 billion to $1.8 billion by the 2029 financial year, as housing values rise an expected average 5 per cent a year and commercial land values grow “modestly”, state Treasury forecasts show.