QLD State Goverment Valuation of Land and Other Legislation Amendment

Hi fellow investors, love this great forum and your wealth of knowledge. I was reading an article in the Queensland Times from Saturday 13th March 2010 titled 'Pay attention or pay dearly' it refers to a proposed amendment to the QLD state Goverments 'Valuation of Land and Other Legislation Amendment' http://www.legislation.qld.gov.au/Bills/53PDF/2010/VOLOLAB10.pdf

This is a similar but not identical article found online http://www.qt.com.au/story/2010/02/22/properties-at-risk-of-higher-land-taxes/

Firstly has anyone else had a chance to read through the amendment. I've skimmed over about half of it and am just a little confused. In the article the writter says 'if you own even one property other than your PPOR the proposed amendment means you'll be paying a huge increase in land tax and huge and ongoing increase in rates to councils'

Just chasing some clarification, and I do understand that at this stage it is only proposed and will obviously undergo immense public scrutiny before even standing a chance at being put in place.

Thanks for your input

Justin