No Land Tax party puts the $2.4 billion issue atop the NSW election agenda

To date the No Land Tax political party has only been evident with bright yellow campaign signs on roadside telegraph poles, but that has all changed as the single issue party as won the coveted first spot on the ballot paper for Legislative Council election.

The No Land Tax party drew position A, giving it a reasonable chance of getting its candidate elected. It is running 93 lower house candidates which ought generate assistance for the upper house prospect.

The party wants a full restructuring of the state's taxation system, including land tax, stamp duty and payroll tax.

A total of 24 groups are contesting the Upper House election. No Land Tax has 16 candidates on its upper house list.

Candidate Peter Jones hopes land tax can be abolished just like death duties were in 1981.

Land tax is levied on investment residential and commercial property and holiday homes in NSW regardless of the income generated by the property. 

The party's website says over 150,000 people are hit with land tax every year in NSW. 

"There is no equivalent tax on share investors," it notes.

"With high property prices in Sydney and NSW, it’s not difficult to be dragged into paying land tax.

"Land tax is calculated on the 'highest permissible use' of the property, so for example, a warehouse that has been rezoned for residential development is taxed at the higher valuation, even if the warehouse tenant has a long term lease.

"It is not uncommon for some property investors to pay more in land tax than they receive in rent."

In 2003 the NSW government collected over $1.1 billion in land tax. The figure is almost $2.4 billion now and it is expected to increase to almost $3 billion by 2017.

Over the years Peter Jones has caught the attention of Fairfax and News Ltd journalists, with 2GB broadcaster Ray Hadley suggesting the party was an interesting invention that would secure plenty of colourful coverage.