2007 State budget
The NSW Treasurer, The Hon. Michael Costa MP, has announced changes to land tax as part of the 2007 Budget.
The land tax rate will be reduced from 1.7 per cent to 1.6 per cent from the 2008 land tax year.
At present, under the Land Tax Act 1956, land tax is charged at a rate of 1.7 per cent of the taxable value of the land (to the extent that the taxable value of the land exceeds any tax-free threshold that is applicable in respect of the taxpayer).
The changes reduce the land tax rate to 1.6 per cent, with effect from the 2008 land tax year. This represents a reduction in the tax rate and will apply in addition to annual indexation of the threshold and 3 year averaging of land values and the tax-free threshold.
Last updated: 09-May-2008
