Under this proposal, the property tax would replace transfer duty and land tax, over time, using a choice-based transition. In June 2022, the NSW Government announced that it would implement a property tax that applies only to properties that have been purchased by a first home buyer for up to $1.5 million if the purchaser chooses to pay property tax instead of stamp duty. This paper examines what would happen to home ownership if all properties became subject to the property tax as set out in the Progress Paper. Home ownership here refers to the share of private dwellings that are owner-occupied.
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