NSW Greens push for mega-mansion tax to help build more public housing
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Australia’s mega-rich in the line of fire as politicians propose a new ‘trophy house’ tax to take money out of anyone in a house over $10m
- Wealthy homeowners could pay more taxes for properties worth more than $10 million
- NSW Greens want to use additional revenue to build affordable public housing
- Greens MP Jenny Leong said wealthy landlords were not checked for too long
Wealthy homeowners could soon pay more tax on any property worth more than $10 million in a boost from the New South Wales Greens.
The party announced its ‘Extreme Wealth Property Tax’ package on Sunday which includes plans to increase land tax for property developers and mega-mansion owners.
Among the proposals is the introduction of a flat 4 percent tax on owner-occupied mega-mansions that have a land value of $10 million or more.
Wealthy homeowners could soon pay more in taxes for any property worth more than $10m in a push from NSW Greens
The additional money will go towards building more public housing and affordable properties for everyday residents.
Green MP Jenny Leong said wealthy owners of trophy mansions and large property portfolios had gone unchecked for too long.
“Addressing economic inequality by making housing affordable should be one of the state’s top priorities, but the National Liberal Government has failed to address this crisis,” he said.
Ms Leong said the extra money would go towards restoring equality to the housing market.
“The Greens have a plan to tackle growing housing inequality and address the chronic lack of affordable housing in New South Wales, by introducing a package of measures to tax billionaires, big investors, property barons and the super rich.”
Under the plan, the additional tax levied on just 10 mega-mansions would fund 86 new affordable homes each year, according to the Greens.
The additional money will go towards building more public housing and affordable properties for everyday residents.
If the party has its way, a new property tax on high-end residential properties would be introduced and the existing property tax payable on investment properties would be increased and expanded.
The plan would also remove existing land tax concessions for developers under ‘build to let’ schemes which the Greens say do not provide affordable housing.
“NSW is in the midst of a serious housing crisis and the inequality gap is widening but instead of tackling this the Liberals and Nationals continue to provide special treatment and tax breaks for big investors,” said Ms .leong.
“The Greens believe that those who own and live in obscenely expensive property, as well as those who have large property portfolios, should pay their fair share.”