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Land Tax Threshold Raised
“We welcome the increase but we call on the NSW Government to reassess the rate that land tax is calculated at and the overall amount, given that there has been a savage increase in valuations, in some cases by more than 20%, following the implementation of reforms flowing from the Ombudsman’s investigation of methodologies used by the Valuer-General,” Mrs Castle said.
“In short, what the Government has given some residential land owners, who face tax bills of tens of thousands of dollars, is a measly $68 reduction.”
“That would barely pay for a night out at the movies and the most unfair aspect of all about land tax on residential properties is that many of the people who pay it are mum and dad investors from the western suburbs who are trying to get ahead and secure their future while providing affordable rental accommodation for other families.”
Mrs Castle said the saving figure of $68 was calculated by multiplying the $4,000 increase in the land tax threshold by the rate at which the tax is imposed, which is 1.7%.
“This tax relief is insignificant and the Government’s overall approach to land tax is counter productive, but at least an increase in the threshold is moving in the right direction,” Mrs Castle said.
Please direct all media enquiries to REINSW Communications Manager, Mr Nicholas Campbell
Tel. (02) 8267 0527 / 0406 955 801.
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