Relief for Landlords… Or Is It?
The Government aims to provide relief to landlords, by waiving land tax or providing a rebate of up to 25 per cent if they are accommodating tenants under financial stress.
The problem with this is that only 16% of landlords pay land tax being those landlords with land holdings exceeding $692k as at 31 December 2019.
It’s important to keep in mind this is LAND ONLY value as per the NSW Office of State Revenue AND NOT the market value of the property.
Landlords that have already filed to evict their tenants will have to wait 60 days for their applications to be processed.
When the 60-day moratorium has come to an end, landlords will be able to recover their properties if they are in financial hardship, while tenants will not get a black mark against their names.