NSW home buyers now allowed to pay land tax under new law
Landmark legislation has passed State Parliament after the government won the support of cross bench MPs.
First home buyers now have the choice of paying upfront stamp duty or an annual land tax.
The new property tax scheme will cost the government more than $720 million over the next four years.
People will need to still pay stamp duty on purchases up until mid January, but can then apply for a refund and start paying the annual tax instead.
Domain senior research analyst Dr Nicola Powell told Clinton Maynard it’s a milestone for the NSW housing market.
“This is going to allow some first home buyers into the market a lot more quickly.”
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