Four generations of the Spooner family have spent their summers at their holiday house in Bendalong on the NSW South Coast. Now, thanks to the COVID-related property boom in regional areas, they're being hit with hefty land tax bills
The number of people in NSW issued with land tax bills has risen almost 14 per cent since 2020.
“It has such huge sentimental value,” said Barry’s daughter Michelle, who now co-owns the land. “It would break my father’s heart to lose it. Land tax is payable on real estate portfolios worth more than $969,000, excluding a person’s primary residence. Large increases in land values along the coast over the past two years have pushed more holiday-home owners above the tax-free threshold and damaged housing affordability.
Pryde said property prices and holiday rental income had fallen since the land valuations were carried out last July, which made the tax bills more galling. He also said some valuations appeared “out of line”, especially in Bendalong.
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