Land tax will be increased for the Island’s most expensive homes, according to legislation approved in the House of Assembly.The Land Tax Amendment Act increases taxes for properties with an annual rental value of between $90,001 and $110,000 from 9.6 percent to 19.2 percent.Taxes on properties with an ARV of more than $120,001 will rise from 19.2 percent to 23 percent.Land taxes on all other properties will remain unchanged.The increase comes into effect on July 1.Finance Minister Bob Richards said the legislation would only affect a small percentage of homeowners and raise millions in revenue for the Government.“This is fair,” Mr Richards said. “Those who live in the most expensive homes should pay more land tax than others.”Shadow Finance Minister David Burt said he was pleasantly surprised, saying there were “a few more places” to look in order to find similarly progressive revenue sources.Mr Richards responded: “Hope springs eternal.”