The Tasmanian State Government has established new property tax provisions to help ease cost-of-living pressures on households.
Under the changes, property tax thresholds will be increased, with the property value at which property tax becomes payable increasing from $ 25,000 to $ 50,000. The upper threshold will also increase by $ 50,000, from $ 350,000 to $ 400,000.
In addition, the premium penalty interest rate will be lowered from 8% to 4%. Property tax bills over $ 500 can now be paid in three installments over the course of the year.
Prime Minister Peter Gutwein said these new arrangements would ease the financial burden on Tasmanian families and put downward pressure on rents.
"While the property tax in Tasmania is the lowest, along with Western Australia, of any state as a percentage of total state revenue, there remains a need to bring back the Property tax thresholds in the era we live in today. This will modernize our arrangements while giving Tasmanians more money in their pockets, "said Gutwein.
With the changes, approximately 70,000 landowners will be able to save up to $ 613 per year and an additional 4,100 landowners for paying no property taxes in the coming year.
Finance Minister Michael Ferguson said the changes complement important support for tenants and landlords amid the COVID-19 pandemic.
"These changes will mean more money in the pockets of many Tasmanian landowners, which means more money to spend on local businesses," he said. Landlords are expected to look to pass these savings on to tenants next year. "
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