By Mr. Propwise
The recently announced Budget 2013 was full of controversial measures such as the Wage Credit Scheme and higher Additional Registration Fees for expensive cars. One of the key themes was a system of more progressive taxes targeting the rich, and nowhere was this clearer as in the announcement of the new tiers of property taxes.
1. Increase in property taxes for the top 1% of owner-occupied homes
The tax structure for owner-occupied homes will be revised so that roughly 950,000 of these homes that have an Annual Value of less than $59,000 will enjoy tax savings of up to $80.
In contrast, the top 1% or about 12,000 owner-occupied homes will pay higher property taxes, with the very high end hit exponentially harder.
The current property tax structure for owner-occupied homes is as follows:
The following new property tax structure will be phased in over two years: