Property owners in NSW may soon feel some reprieve, with a new tax valuation system in place. Land tax assessments will now be based on a rolling three-year average of land valuations, and properties valued at less than $352,000 will be exempt.
The State Government announced the changes last year after a series of complaints by property owners about wild fluctuations in valuations across the board.
The Treasurer, Michael Costa, said that more than half of the state's taxpayers would pay less under the new assessments than under the previous system. The average reduction for taxpayers is expected to be $1,444 - a drop of about 11% on last year's assessments.
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