Thursday, 1 July 2021, 3:53 pm
New
South Wales will start taxing increases in property values
caused by state spending on infrastructure, and rezoning of
land uses by councils, The Urban Developer’s Ted Tabet
reports.
A new “infrastructure contributions
system” will be rolled out as part
of the annual NSW budget which will directly affect
developers building transit or infrastructure-oriented
projects in the most populated areas of the state.
The
reform, spearheaded by the NSW Productivity Commission, will
alter the way taxes are charged on property developers in
return for approvals of their projects.
The changes
are designed to tax some of the increase in property values