In order to improve the affordability of rents in Canberra, the Australian Capital Territory government introduced an indefinite extension of property tax exemptions for landlords who rent their properties for less than 75% of the market rate.
Chief Minister Andrew Barr said landlords are now encouraged to join the Affordable Community Housing Property Tax Exemption Program to increase the number of affordable rentals across the territory while by reducing their rental obligations.
"Rental property owners in ACT can completely reduce their property tax if they provide their rental property to low to moderate income Canberrans through a supplier of registered community housing, ”he said.
Legislation passed last month increased the number of slots for the program from 125 to 250 properties.
“Such incentives allow the community to make a real difference in people's lives. There are currently 54 homeowners involved in the program, which means 54 more families with safe and secure housing than they can afford, ”Barr said.
Figures from SQM Research show that median weekly house rents in Canberra rose 4.5% per month during the week ending May 4 to reach $ 688.2. The city has the highest weekly rents of any capital city.
Rebecca Vassarotti, Minister of Homelessness and Housing Services, said the changes will allow more Canberrans to contribute to the government's mission to end homelessness.
"We all know Canberra is expensive to rent and that there is a lack of affordable housing options, especially for those with low incomes," she said. “This alone cannot solve the affordability crisis, but an important initiative to actively engage homeowners who care about helping Canberrans in need gain access to a home. It's not just a tax incentive, it's a contribution owners can be proud of. "
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