NSW Greens push for mega-mansion tax to help build more public housing

Wealthy homeowners could soon be taxed more for any properties worth more than $10million in a push by the NSW Greens.

The party announced on Sunday its ‘Extreme Wealth Property Tax’ package that includes plans to raise land tax for property developers and mega-mansion owners.

Among the proposals is the introduction of a flat 4 per cent tax on owner-occupied mega-mansions that have a land value of $10 million or more.

The extra money will go towards building more public housing and affordable properties for everyday residents. 

Greens MP Jenny Leong said the wealthy owners of trophy mansions and large property portfolios had remained unchecked for too long.

‘Addressing economic inequality by making housing affordable should be one of the highest priorities in the state, but the Liberal National Government has failed to address this crisis,’ she said.

Ms Leong said the extra money would go towards restoring equality in the housing market. 

‘The Greens have a plan to take on growing housing inequality and address the chronic lack of affordable housing in NSW, by introducing a suite of measures to tax billionaires, big investors, property barons and the super wealthy.’

Under the plan, additional tax applied to just ten mega-mansions would fund 86 new affordable homes each year, according to the Greens.

The extra money will go towards building more public housing and affordable properties for everyday residents

If the party has its way a new land tax would be introduced on high-end residential properties and the existing land tax payable on investment properties would be increased and expanded.

The plan would also scrap current land-tax concessions for developers under ‘build-to-rent’ schemes that the Greens say don’t deliver affordable housing.

‘NSW is in the middle of a serious housing crisis and the inequality gap is widening, but instead of addressing this, the Liberals and Nationals continue to provide special treatment and tax breaks for big investors,’ Ms Leong said.

‘The Greens believe that those who own and live in obscenely expensive properties – as well as those who have big property portfolios – should pay their fair share.’