Nsw Opposition to Oppose Property Tax

The opposition will oppose the NSW government's proposed property tax and will repeal it in government if necessary, Opposition Leader Barry O'Farrell says.

Mr O'Farrell said the proposed ad valorem fee on property transfers, quietly announced by Lands Minister Tony Kelly, is "based on a lie".

"Ms Keneally's new tax is not only unfair, but it's also based on a lie," Mr O'Farrell said.

"The measures it's alleged to fund were actually introduced a year ago.

"We will fight to stop its introduction and if Labor pushes it through, we will repeal it in government."

Mr Kelly denied the ad valorem fee, which will apply to property selling for more than $500,000, was a tax, calling it instead an "insurance policy" against property fraud.

Fees of 0.2 per cent will apply to sales of properties worth between $500,000 and $1 million, and 0.25 per cent for those above $1 million.

The first $500,000 will be exempt, making the payment about $200 on a $600,000 average, and about $1250 on a home just above $1 million.

Latest NewsNsw Opposition to Oppose Property TaxFriday, 20 January 2017

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