Two-thirds of eligible first home buyers expected to choose land tax

The NSW government expects almost two-thirds of eligible first home buyers to capitalise on its reform to stamp duty and opt for an ongoing land tax, costing the state more than $660 million over four years.

“In order to do wide-scale stamp duty reform it needs support from the Commonwealth government,” Kean said on Tuesday. Budget papers revealed the state expects to generate more than $14 billion from transfer duty on homes in 2021-22 financial year. That will decline to $10.8 billion in 2022-23, and $8.9 billion in 2023-24. A deferral scheme for the annual land tax is available for people who cannot afford it.

“This is really a productivity story. We make it hard for people to change locations ... we don’t get the right sized property for where people are in their life-cycle. They’re the really big, long-term benefits,” he said.

Source: Real Estate Daily Report (realestatedailyreport.net)

Rabe9 He is pushing those with no Money to live in the Wild wild West the country while the rich keep the east-“south and some parts of the north side.

Rabe9 Because they'll be able to borrow more without needing to pay stamp duty hence driving prices even higher

Rabe9 Over 20 years is breaks about even

Rabe9 Oh. I get it. What does 'small' mean? In relation to Stamp Duty now? Still small if property prices drop 40%? NSW has been pig in clover on stamp duties. Perrottet is building a beachhead to get the same from a crashed market. We already pay Council Rates. Just more impost.

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