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Property taxes buoy State Budget but no relief for buyers

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Written by REISA Press Release   
Thursday, 07 June 2007

The Real Estate Institute of SA said they were disappointed that no taxation relief had been offered to homebuyers in this year’s State Budget, particularly for those hoping to buy their first property.

“Home affordability has been recognised as a major issue, yet the State Government has ignored this need,” REISA President, Mr Mark Sanderson said.
 
“With the additional revenue coming from property taxation we were hoping that the Government may review first homebuyer incentives and bring them in line with current house prices.”
 
“The incentives that the SA Government offers first homebuyers pale in comparison to interstate Governments.”
 
The State Government is anticipating that property taxation will return $1.26b in revenue this financial year. This is a 12.6% increase on the original 2006-07 estimates.
 
Property taxation now makes up 10.8% of State Budget revenue.

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