Shock property tax rise hits landlords, holiday homes

Shock property tax rise hits landlords, holiday homes

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Landlords, holiday homes and businesses in NSW will be hit by a $1.5 billion increase in land taxes, which the real estate industry warns could cost owners thousands of dollars a year and be passed on to renters.

NSW becomes the third state Labor government to target multiple property owners with higher taxes, following a bigger land tax increase in Victoria and a tax hike attempt in Queensland that was abandoned.

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