Landlords have been hit by steep land tax increases from soaring property values, in some cases more than doubling tax bills and making investments uneconomic.

Many landlords, property owners and lessors, confronted with sharp increases in land tax bills this month, were reacting with "shock or disbelief", agents and lawyers said.

Inner-city commercial property values rose more than most. Credit:Wayne Taylor

"In many cases they think there's a mistake," Teska Carson agent Barry Novy said.

If a property owner signed a 15-year lease with two 10-year options before the last land tax rise, they could be significantly out of pocket, he said.