First-home buyers in NSW will be allowed to pay annual land tax instead of stamp duty – as long as the home costs less than $1.5 million. 🏡💰
Under the proposal, buyers can choose to pay either the stamp duty up front or pay the property tax of $400 a year, plus 0.3 per cent of the land value. It will start in January 2023 next year.
NSW Premier Dom Perrottet said he hoped it would allow first-home buyers to get up the property ladder faster. Homebuyers currently pay around $40,000 in stamp duty on the purchase of a $1 million home, equivalent to 16 years of land tax. I also think he might think the NSW property will increase in value faster to make it a richer state.
It comes after the state government unveiled a co-owning and buying structure for frontline workers, single parents and older singles to tackle housing affordability issues.
The question now is wow, won’t the house soar up?
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