Landlords, holiday homes and businesses in NSW will be hit by a $1.5 billion increase in land taxes, which the real estate industry warns could cost owners thousands of dollars a year and be passed on to renters.
NSW becomes the third state Labor government to target multiple property owners with higher taxes, following a bigger land tax increase in Victoria and a tax hike attempt in Queensland that was abandoned.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
