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1. The new homes developed by developers will have no choice but property tax as the developers will only choose property tax as they want to minimize short term costs.
2. One way valve for not able to change back from property tax to stamp duty will separate the society further. The mid-class families working hard and wanting to upgrade to bigger homes will be harder to reach as there will be fewer stamp duty properties and they will be more expensive due to the demand and supply.
3. The new scheme will not help the first home buyers as their main hurdle is the deposit saving but to burden them further due to the life-time property tax liability.
4. People will be forced out of their homes when their property tax increases due to the increase of land value. They are forced to move to worse areas. The hardship scheme will not help everyone who wants to keep his/her home.
5. No other states are having a similar scheme, NSW will lose the attractions of investing and living in the housing market. The state revenue will fall due to the decrease in the number of housing transactions and place further burden on the owners who choose the property tax.
6. People will choose to invest and contribute to other states instead of NSW like us. |
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