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New land tax rules for NSW investment properties

Land Tax is a necessary evil in successful property investment, adding to the cost of ownership each year.At least in NSW they seem to be listening to landlords calls to reduce the burden as recent changes should mean many will not have to pay tax, and others will be protected from rapid rises with a new averaging system to come into effect.

Changes to the rules on assessing land tax on investment properties in New South Wales take effect this week.

From January 15, 2007, investment property owners will now be taxed according to the property's average value over three years, and will not have to pay if the property is valued at less than $352,000.

Treasurer Michael Costa told the ABC that the changes should help smooth out a yearly swing in tax bills for property investors.

"That three-year averaging was aimed at removing the sharp swing we've recently seen in annual land tax valuations," Mr Costa said.

"It means land tax bills will change more slowly, giving more predictability to property investors. The land tax threshold - now $352,000 - is now averaged, preventing land tax 'bracket creep'."

- land, tax, property, duty, levy

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