Land tax relief to reduce financial burden on South Australian homeowners

A new tax relief package is being introduced into the South Australian State Parliament with the aim cutting costs for homeowners.

According to the Advertiser, the legislation will increase the tax-free threshold from $110,000 to $300,000 from July 1st, meaning an estimated 74,500 of the 121,000 landowners who pay land tax will no longer be liable for it in the 2010-11 financial year.

By raising the land tax-free threshold, the package will also lead to reductions of up to $1,245 in the bills of remaining land taxpayers, the news provider noted.

The state tax cuts were outlined in the 2009-10 Mid-Year Budget Review, with the package expected to cost the government $52 million a year for the next four years.

Such measures may interest Aussies who wish to compare home loans in search of the most affordable options.

It was also reported this week that the housing market looks set to finally slow down as consecutive home loan interest rate rises in recent months take their toll.

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