I read an article in the local paper today where residents are complaining that their rates are now unaffordable due to rezoning of their properties. The council is considering offering rate reductions to those who need it.
What are your thoughts on this? Is it fair that equity rich owners get a discount on rates?
The area of interest is Merrylands/Wenty/guildford where property values have increased by over 50pc in 5 years.
I get that these people have been living in the area for years, but is it fair to give them discounts where their equity has just increased by over 200k? Is it just progress and if they want to stay in the area they need to sell and move to a low res zoning or is it a good thing to keep them in their homes refusing to sell to developers as they no longer have rates affordability issues?
What are your thoughts on this? Is it fair that equity rich owners get a discount on rates?
The area of interest is Merrylands/Wenty/guildford where property values have increased by over 50pc in 5 years.
I get that these people have been living in the area for years, but is it fair to give them discounts where their equity has just increased by over 200k? Is it just progress and if they want to stay in the area they need to sell and move to a low res zoning or is it a good thing to keep them in their homes refusing to sell to developers as they no longer have rates affordability issues?