When land is rezoned, land owners can make huge profits without lifting a finger. The Greens want to tax that money to pay for public infrastructure.
The NSW Greens will call for a 75% tax on the profits that landowners make when their land is rezoned.
The party says those profits are currently untaxed and so landowners benefit from a “massive transfer of public wealth into private hands” when their land increases in value, due to rezoning decisions made by governments.
A Greens policy document seen by Crikey says the tax would be levied at 75% of the difference between the officially assessed land value before the rezoning compared to the land value afterwards.
Keep reading about the Greens’ push for a rezoning tax.
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