Carr's property tax revolution: "Up to a quarter of a million NSW property owners will be hit with land taxes for the first time, but stamp duty will be abolished for more than 30,000 first-home buyers each year, under state tax measures unveiled yesterday. Property investors will be levied twice, paying stamp duty when they buy - no matter how small the investment - and then a new 2.25 per cent tax on the price when they sell.

"The Government has abolished the premium property tax paid on homes with a land value of $1.97 million or more, so no-one will pay tax on the family home while they are living in it. But this has been replaced with a one-off stamp duty on the purchase of multi-million-dollar homes - 7 per cent of any amount paid above $3 million. Stamp duty has been removed for first-home buyers for properties costing less than $500,000."

Carr's property tax revolution: "Up to a quarter of a million NSW property owners will be hit with land taxes for the first time, but stamp duty will be abolished for more than 30,000 first-home buyers each year, under state tax measures unveiled yesterday. Property investors will be levied twice, paying stamp duty when they buy - no matter how small the investment - and then a new 2.25 per cent tax on the price when they sell.

"The Government has abolished the premium property tax paid on homes with a land value of $1.97 million or more, so no-one will pay tax on the family home while they are living in it. But this has been replaced with a one-off stamp duty on the purchase of multi-million-dollar homes - 7 per cent of any amount paid above $3 million. Stamp duty has been removed for first-home buyers for properties costing less than $500,000."