Victoria’s top-end holiday homeowners are reeling at the prospect of state government taxes more than doubling after July 1, with another hit already announced before the end of the year.

A beach house owner in seaside Portsea, a summer retreat for the state’s rich and powerful where the median property price is $2.5 million, will potentially face annual tax increases from around $106,000 to about $204,000 (or around $4000 a week), according to Sahil Bhasin, founder of Bricks & Mortar Real Estate.