August 2007
Example Article: NSW BUDGET DELIVERS ON PROPERTY TAXESHomeowners and investors in NSW received some unexpected good news this week when State Treasurer Michael Costa delivered cuts in land taxes and mortgage duty in the State budget. Mr Costa announced that the land tax rate will be reduced from 1.7 percent to 1.6 percent from 2008 and a planned abolition of mortgage duty will be brought forward in a series of tax cuts over 4 years. The abolition of mortgage duty will kick in for investors from July 1 2008. REINSW president Christine Castle said the mortgage duty tax relief is welcome as it removes another of the burdens that make home ownership so difficult to achieve for young families. “Using the example of a $2,000 reduction on a mortgage of $500,000, it is a significant saving”, she said.
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