Victorian home buyers would be given the option of paying annual land taxes instead of upfront stamp duty as part of a package of proposed reforms to tackle housing affordability and strengthen the state’s tax base.
in state parliament, chaired by Animal Justice MP Georgie Purcell, and deputy chaired by opposition shadow special minister of state David Davis.One option that has been considered by Treasury is to give some home buyers the choice to either pay stamp duty up front, or pay a smaller annual property tax, similar to council rates, as part of a housing affordability package to dramatically cut the upfront cost of buying a home.
Under that system, introduced on January 16, first home buyers have the option of paying an annual property tax bill for dwellings worth up to $1.5 million, saving them from an upfront stamp duty bill of up to $66,000, which can be used for a deposit. Housing affordability remains a crucial political issue in Victoria, although the Andrews government has so far been circumspect about the prospect of meaningful economic reforms.
One view is that any reforms should be tackled at the national cabinet level – potentially through the National Housing Accord – because any state reforms would have broader productivity benefits for the national economy.he was prepared to lead a national conversation to see if a consensus could be reached, including for states wanting to flip stamp duty for an annual property tax.
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