The Block auctioneer huge ‘robbery’ claim in social media rant

Veteran real estate pundit Tom Panos has slammed a fee on Australians as “straight out stealing”.

“This is theft!” Tom Panos makes huge claim on social media.

Veteran real estate guru and auctioneer on The Block Tom Panos has slammed a common government charge as “the biggest robbery in this country”, adding that the tax aimed at wealthy Aussies is mainly hurting cash strapped renters.

Mr Panos took to social media to claim “the single number one robbery in Australia, has got to be land tax”.

He appeared angered in the viral video, revealing he recently decided to pass on an opportunity to buy a block of 15 flats in Summer Hill when he discovered it would incur an annual $90,000 land tax bill.

He said this meant the people who were then “missing out,” due to land tax, were renters that could have been housed in the block.

Renting out 15 units in Summer Hill, a landlord would collect around $475,000 a year in rent.

“Stuff it, why would I participate in that, stay out of it,” he said. “It’s stopping people that I know, including myself, from investing in real estate.”

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Tom Panos sits in his car ranting on Instagram that land tax is “theft.”

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Land tax is typically charged on second homes, investment properties, vacant blocks and holiday homes, among other properties. Primary residences usually do not incur land tax.

Unlike stamp-duty, which is a one off cost to purchasers, land tax is a yearly levy.

“It’s the fastest way to get the distribution of wealth spread out more equally. Who owns land? People who have got money. Who doesn’t own land? Generally speaking, people that don’t have money,” he said.

Tom Panos selling on The Block.

In the Instagram rant he labelled it a “cash grab,” from the government under the guise that they “deserve it because they’re enhancing things around the land of the landowner,” however “that doesn’t happen,” Mr Panos claimed.

“Number One: you can’t hide it, land can’t be hidden,” he said, comparing it to how people may pay tradies in cash to save GST. “The government can’t catch that, but they can catch land, you can’t hide land.”

“The government themselves determines what the land (price) should be. They’re the referee, they can actually dictate how much you’re going to pay.

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Tom Panos has called land tax a “cash grab.”

“But if you really think about it, it sucks,” Mr Panos said.

His opinions have divided opinion. Real estate agent Amanda Woods commented on his post, questioning the structure of the tax.

“(It’s) paying tax on an asset you’ve already paid tax on to buy the asset in the beginning. It’s double dipping!” she wrote.

Another user called out the claims, saying “land tax is a voluntary tax. If you choose to purchase an investment property, you have chosen to pay the tax. If you had an investment property and they introduced the land tax, you have a choice to sell the investment property or continue to pay the land tax. Simple.”

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Originally published as The Block auctioneer huge ‘robbery’ claim in social media rant