Property tax revenues continue climb in 2017/18 despite downturn

PHOTO: Property Tax

According to data recently released by the Australian Bureau of Statistics (ABS) property taxation revenue increased further over the 2017-18 financial year to reach $30.293 billion.

State and local governments collected a whopping $30.293 billion worth of property tax revenue over the 2017-18 financial year. If you were to compare these statistics to what was published last year, the figures would be vastly different.

Previously, the ABS included stamp duties on conveyances as taxes on property however, in this year’s release this has been moved to a different section of taxation – taxes on the provision of goods and services.

Nevertheless, the $30.293 billion in property tax revenue was 5.6% higher over the past year with the annual increase lower than the 7.9% increase over the previous year.

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