10 signatures reached
To: NSW Premier
Make developers pay tax
I want the free ride for property developers to end. I want developers to be taxed on the increased value of rezoned land which they benefit greatly from, and I want them to be obliged to actually develop sites within a reasonable timeframe, rather than be allowed to amass "land banks". In other words I want NSW to treat property developers the way they are treated in the ACT.
Why is this important?
This is vital because at present our state government is giving developers what should cost them many millions per annum. Meanwhile the need for affordable housing is far from being met.
In the ACT, development continues apace while developers are taxed a large percentage (*need to check actual %) of the increased land value which comes with rezoning eg from low to medium density, and projects must begin within 12 or 18 months (*again, need to check exact requirement).