The property tax option will be available for properties for up to $1.5 million. 9News
will scrub stamp duty for first home buyers in a major property shake-up to be handed down in today's state budget.Under the initiative, first home buyers will be able to choose between an upfront payment or a smaller annual property tax.First home buyers will have a way out of stamp duty under a new policy from the NSW government.
"In the past two decades, the share of first home buyers under 35 years of age has declined from 67 per cent to 61 per cent," Perrottet said. Legislation to establish the property tax will be introduced during the second half of 2022 with eligible first home buyers able to apply to opt into the property tax from January 16, 2023.
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