REINSW calls for land tax cuts on Oxford Street

The Real Estate Institute of New South Wales (REINSW) is urging the New South Wales state government to reconsider land taxes on Sydney's Oxford Street.

According to REINSW president Malcolm Gunning, businesses on the retail and hospitality strip are struggling after a clearway was put into place.

"In recent years there has been a significant decline in this important commercial area," said Gunning.

"Sydney and Woollahra Councils are pouring money into revitalising the strip. It is now time for the state government to recognise the problems.

"REINSW is going to ask the Valuer General to take a look at disproportionate land taxes, which need to be reduced in order to revitalise Oxford Street," he said.

"Land taxes haven't fallen like the rents have because they are based on raw land value and building potential and do not take into account the heritage conditions associated with Oxford Street."

Gunning asserts that some tenants pay land tax which is 50% of the value of their rent.

The REINSW also claims traffic pollution has increased since the clearway was implemented.

"It is essential that Oxford Street rises again," said Gunning.

Photo courtesy of J Bar/CC BY-SA 3.0.