NSW Government Raises Land Tax Rates 2024-5 and Freezes Thresholds until 2027 - disinvestment to Investors

The NSW Government must be finding it difficult to manage the  NSW State Budget, they have raised the Land tax Rates by a massive 1% from 4 to 5% and decided not to raise the threshold, until 2027.

What does that mean to the economy, they are hitting home investors and making people think twice before they purchase properties. Home Investors are slugged by the Australian and NSW Governments for various taxes when buying multiple properties. You've got NSW Stamp Duty when you initially purchase the properties, which is normally from $15K upwards, then you have NSW Land Tax if you own a few properties and the NSW Valuer General on the estimation of land rates are all totalled and you are over the threshold.  Then you have the Australian Government with Capital Gains Tax, when you sell your property.

I think the NSW Government has taken a backward step with property investors by hitting their pocket with an increase of 1% from 4-5 %. It is a slap in the face to people who would like to invest in our own economy. In fact, the NSW Government should assist property investors by reducing the rate to 3% and increasing the threshold so that there is more of a chance for more investors to increase. There could be some property investors dependent on this income return from rent, and they have to factor in Property Management Fees, income tax, property maintenance costs, Council Land rates, Council water rates, Building insurances, tribunal costs and where possible. Investors can pack their bags with property investments and throw their investments straight into the money market, where 100 per cent of their investments go guaranteed.

Personally, I'm not happy with the decision and when you pay your land tax, you get no thanks to say, 'Thank you for paying your Land Tax on time'. I'm not rich nor poor, but I feel for the rich that pay an exorbitant amount to the NSW Government for trying to make a living profit. It's too late to consider it now, but it will be considered at the next NSW Ballot Box.                                                                                                                                                                                                                                                                                                                                                                                                                                                   Click here for The link