We NEED your opinion. IS YOUR LAND TAX UNFAIRLY SPIKING?
Ms Berejiklian, our NSW Premier made it know that housing affordability was a main priority in her first year on the job.
Stamp Duty waivers continue for First Home Buyers, and with the First Home Owners Buyers Grant, people are increasingly taking advantage of joining the property market.
Buyers of first homes worth between $650,000 and $800,000 will receive stamp duty discounts (estimated to deliver savings of up to $24,740 for a first home buyer in NSW). A First Home Owners grant of $10,000 is available for home up to $600,000
How does the NSW government off-set these concessions?
1. the stamp duty surcharge for foreign investors will be doubled to 8 per cent and
2. the land tax surcharge lifted from 0.75 per cent to 2 per cent.
This increase in surcharge, and the spike in values means Land tax receipts from owners of investment properties and holiday homes in NSW are forecast to be $870 million higher than expected over the next three years.
With recent reports that area like Liverpool, Greystanes, Blacktown, Campbelltown and Parramatta have had $720M in tax breaks over the years, it seems cynical but obvious that investors are going to continue to feel the brunt of off-setting this ‘loss’.
We recently had a message that states ‘My Land Tax has gone from $9k in 2016 to $12k in 2017 to $15k now’. We’ve heard similar stories, that the change in valuations from the Valuer General is causing huge issues.
To be blunt, this is a cause we think requires attention. If we rally enough investors together, surely we can be heard. Leave us a comment if this is something you think we should investigate / prosecute