Penrith Council’s plans for massively higher council property taxes: Urban Taskforce

Property Observer – 

Penrith Council has added to its meeting agenda for today a plan to impose massive new development contributions which will apply to land surrounding the new airport, to pay for local physical and social infrastructure upgrades.

Urban Taskforce said that the proposal was based off of findings which recommend a 6.5% s7.12 local infrastructure contribution to pay for all the physical and social infrastructure (including land for open and green spaces) in the various Aerotropolis precincts. Typically, s.7.12 charges are set at 1% of the cost of development.

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