NSW first home buyer property tax option
June 30, 2022
NSW will introduce a First Home Buyer Property Tax Option whereby first home buyers purchasing a property valued at up to $1.5 million will be provided with an option to pay an annual property tax instead of the existing upfront transfer duty.
Annual owner-occupier property tax rates will be set at $400 plus 0.3% of the property’s unimproved land value in 2022–2023.
From 16 January 2023, eligible first home buyers will be able to opt in and not pay transfer duty.