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More property owners exempted from land tax

Recent changes to the NSW Land Tax laws, will see many NSW Property Investors move to a nil Land Tax liability.

Almost 12,000 more investment property owners will be exempted from land tax this year due to an increase in the tax-free threshold, NSW Premier Morris Iemma said.

Mr Iemma today said the threshold for the tax on non-owner occupied properties would increase from $330,000 to $352,000.

The increase will cost the Government $53 million.

The Government is also considering options for an averaging system to protect property owners against big annual changes in land tax assessments.

"This is great news for thousands of mum and dad investors, the majority of whom have modest investment properties below the threshold value level," Mr Iemma said in a statement.

- land tax, nsw

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