Clarity urged over property tax plans

The Government needs to come clean on how proposed tax changes could affect property investors, the president of the Property Institute of New Zealand believes.

Ian Campbell addressed the institute's Taranaki branch at its annual meeting in New Plymouth on Friday.

Later, he told the Taranaki Daily News the institute wanted more information from the Government about upcoming tax changes. Of particular importance were changes to depreciation, because that impacts on property valuations, he said. "There's not enough information out there right now," Mr Campbell said. "These changes will affect a lot of people and we want to make sure that information's out there as soon as possible."

The Property Institute's membership is made up of registered valuers, property managers - both commercial and residential, property advisers and plant and machinery advisers.

"Our members need to be informed so when their clients ask, they are up to speed," Mr Campbell said.

"There's a sense of fiscal responsibility to release full information and while there's some being leaked out its probably not as full as it should be.

"Are changes going to impact people this year or next year?

"A highlight for Taranaki: is it going to affect my farm?

"We want to make sure there's no surprises."

The Property Institute has 17 branches throughout New Zealand, as well as one in London.

It has 2800 members nationwide and about 40 in Taranaki.

This year the institute is celebrating 100 years of property valuation in New Zealand, and Mr Campbell said it showed the profession was alive and well, was well-disciplined and well- supported.

- © Fairfax NZ News