In March 2022, the Government announced further adjustment of the land tax rate in Tasmania that, we understand, will aply to bills issued in 2023. Check out our thoughts on the move in this article.
The community is screaming out for more affordable rents and more social housing. The State Government's response? Issue massive land tax bills and make the problem worse.
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Landlords aren't the only ones feeling the land tax burden harder than ever. Shack owners are also reeling from the punch, with their ownership under threat as they struggle to find the hundreds and thousands of dollars needed to pay this gross cash grab, year after year.
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A quick tour of the country quickly shows the absurdity and disgusting unfairness of Tasmania's land tax system. Back in 2008 and 2010 the Liberal government viewed Land Tax as inequitable and disproportionate. It has only gotten worse, much worse, since then.
The tax should be abolished, they said. A tax that was promised to cease to exist is now more expensive and unfair than ever.
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Yes, land tax rates have not changed for a decade, but valuations have. Importantly, let's not confuse a valuation with actual money in the bank to pay the bill. And remember that there is no refund when valuations fall. A profit is not made until the property is sold. Land tax is the ultimate fee for no service. Owners are taxed upon purchase, and any profit made is tax upon sale.
Ready for bill shock?
The Government is projecting a
massive 30 per cent increase in Land Tax revenue .
Who is paying? Landlords, tenants and shack owners will be hit hard.
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Fresh valuations are rolling out across the State and, as we've already seen, land tax increases between up to a whopping 70 per cent are common.
The Government is projecting a massive 30 per cent increase in Land Tax revenue. Who is paying? Landlords, tenants and shack owners will make up the biggest chunks. .
When are you likely to be hit? Check your location here.
THEN
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"..land tax is an unfair tax that stifles investment and costs jobs."
"...the inequitable nature of land tax....policy to abolish land tax..."
