When your home is worth more than $1 million, your tax bill will increase.
The government says it will only give out tax refunds for home values that are between $1.2 million and $1,600,000.
The average tax bill for a $1m house is $3,819,000, and that’s up from about $2,500,000 just a few years ago.
A total of 1.5 million properties were assessed as being worth more then $1M in 2016, which is an increase of $5.5 billion.
The Government says the average annual cost of a $500,00 home will go up by $300,00, with some properties costing more than double that.
What will the tax refund be?
A $1 tax refund is a payment to the Government to cover the cost of the tax relief that will apply when the value of your home exceeds $1million.
The main payment will be the tax discount, but the Government is also working on a range of other incentives.
A $500 payment is for the cost savings the Government makes in managing property, with the Government also offering to extend the life of the mortgage on a home, to allow people to sell their property when it’s no longer needed.
A second payment of $200 will be paid by the Government if you’re a single person, with your income covered by the Guarantee Guarantee.
The third payment of up to $1000 will be for people who live in a detached home, and will help to offset the cost associated with a detached house.
The $500 refund will be used to pay for the Homeowners Benefit.