> Owners of almost 50 sites in the city have failed in their bids to have lands excluded from the new Residential Zoned Land Tax (RZLT), charged at 3 per cent of the market value of the lands. The tax was due to be levied for the first time next February, but was postponed for a year by Minister for Finance Michael McGrath in Budget 2024 this week.
Why was the tax deferred in the recent budget?
Needs to be so high that it makes no sense to hold onto land otherwise they’ll just build it into the prices of what ever they eventually build.
It needs to grow year by year. 2%,4%,8% etc.they need a situation where land speculation isn’t a viable investment strategy.
I’d also massively increase the CGT on land sale
All postuiring by the government again. It’s been pushed back a year already, so not a cent will be collected until 2025 if it all.
It is a housing crisis, vacancy should be punished not just taxed, it should be a CPO at 50% market rate for the property if vacant for more than 1 year for a property and 5 years for land (with a tax in between per year). We should treat all hoarding with extreme measures. If they have enough to hold onto it for speculative purposes they have enough to use it or lose it immediately.
“ The tax was due to be levied for the first time next February, but was postponed for a year by Minister for Finance Michael McGrath in Budget 2024 this week”
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> Owners of almost 50 sites in the city have failed in their bids to have lands excluded from the new Residential Zoned Land Tax (RZLT), charged at 3 per cent of the market value of the lands. The tax was due to be levied for the first time next February, but was postponed for a year by Minister for Finance Michael McGrath in Budget 2024 this week.
Why was the tax deferred in the recent budget?
Needs to be so high that it makes no sense to hold onto land otherwise they’ll just build it into the prices of what ever they eventually build.
It needs to grow year by year. 2%,4%,8% etc.they need a situation where land speculation isn’t a viable investment strategy.
I’d also massively increase the CGT on land sale
All postuiring by the government again. It’s been pushed back a year already, so not a cent will be collected until 2025 if it all.
It is a housing crisis, vacancy should be punished not just taxed, it should be a CPO at 50% market rate for the property if vacant for more than 1 year for a property and 5 years for land (with a tax in between per year). We should treat all hoarding with extreme measures. If they have enough to hold onto it for speculative purposes they have enough to use it or lose it immediately.
“ The tax was due to be levied for the first time next February, but was postponed for a year by Minister for Finance Michael McGrath in Budget 2024 this week”
Squeezed that in without people noticing huh.