Land Tax and Other Legislation (Empty Homes Levy) Amendment Bill 2022
Bill Journey
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Plain English Summary
Overview
This bill proposed an Empty Homes Levy to tackle Queensland's housing crisis by taxing vacant residential properties and undeveloped land at 5% of their capital improved value annually. Modelled on Vancouver's successful empty homes tax, it aimed to push an estimated 20,600 vacant homes back onto the rental market. This bill was discharged and did not become law.
Who it affects
Property investors with vacant homes would have faced a significant annual tax bill, while renters could have benefited from more properties becoming available on the rental market.
Key changes
- 5% annual levy on residential land left vacant for more than 6 months
- Levy would also apply to undeveloped land suitable for housing
- Exemptions for renovations, death of owner, aged care moves, wildlife habitats, and primary production
- New 'capital improved value' measure introduced for calculating the levy
- Property owners could apply for exemptions through the Commissioner of State Revenue