‘Weight off our shoulders’: First home buyers welcome property tax

First home buyers have welcomed the option to swap stamp duty for an annual property tax, saying it would help them into the housing market sooner by reducing upfront costs.

First home buyers will be able to pay a property tax for homes worth up to $1.5 million, which would consist of an annual levy of $400 plus a 0.3 per cent tax on the value of their land, it was confirmed in the NSW budget on Tuesday.

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