55Bills to increase property tax

55 Bills to increase property tax

55 Bills to increase property tax

(1) This section applies to a Bill that proposes to increase property tax above the indexed amounts set out in this Act when it was first made whether by amending this Act or otherwise.

(2) Parliament recognises ownership of land is a key part of many people’s financial security and that investment in land is a long-term investment.

(3) To enable people to properly calculate the costs of investing in land, Parliament recommends that property tax not be increased in the future above the indexed amounts set out in this Act when it is first made.

(4) The Bill must not be introduced into a House of Parliament unless notice of the proposed Bill is given in the House at least 30 sitting days before the Bill is introduced.

(5) Before the notice is given, the Minister proposing the Bill, must ensure—

(a) reasonable steps are taken to adequately notify members of the public and relevant organisations about the proposed increase of property tax, and

(b) members of the public and relevant organisations are given a reasonable opportunity to make written submissions to the Minister about the proposal.

(6) The Minister proposing the Bill must also ensure—

(a) a summary of the opinions expressed in the submissions is tabled in each House of Parliament with the notice referred to in subsection (4), and

(b) copies of all submissions are made available to members if requested.