Homes tax planned to raise €1bn - Times Online
Interesting(though speculative article for sure) in todays times re property tax....while not essentially disagreeing with some form of property tax ( as opposed to the developers tax that has led us down a spiral of empty hotels and useless apartments)....it needs to be fair and and not just a revenue gathering exercise..if the speculation is true that it will raise 1 billion..it's likely to hit all!!! OOOppppsss could be the final nail!!
Behind every great man is a woman rolling her eyes.
Jim Carrey.
The UK Council Tax already provides a template for this. What is proposed would be an average €1000 annually.
I'm in favour as well as keeping Stamp duty but at a lower level as it is a transaction tax.
Valuation exercise will take at least a year and will be subject to challenges.
Band it like in the UK and applicable to everyone and not subject to petty political postering that waives it from self interest groups.
It should be used to fund council services with no further funding from central government. Local democracy will ensure it gets set at right level.
Originally Posted by spidermom
Hmmmm - I thought all taxes were revenue gathering exercise - I think I know what you mean though.
This I can see as the rock this Govt could perish on - there is sense in removing Stamp Duty for a property tax to reduce the reliance on the vagaries of the housing market (but up until last year we thought that houses could only go up in value!) but there are also very difficult waters there to manage the transition, many, many people will feel inequitably treated having already paid vast sums of Stamp Duty already.
We are "they"
I reckon it will be the cancelling of Metro North; the Gormless Greens will have to walk [geddit?].
FF & FG: Tweedledumb & Tweedledumber. 1 privatises TE, other will privatise ESB
I thought it was abundatently apparent for the last 6 months that a property tax was guaranteed in the next budget.
My only surprise from this story is the tax will only raise €1B rather than the €2B that was rumoured previously.
Such a tax will further diminish property values by increasing the number of second homes being put up for sale.
It decreases the value of homes directly. If you have to pay EUR 1000 a year for your house, then it is equivalent to a loss of around EUR 20,000 in value.
It is equivalent to the government taking a 7% share of your home and the tax is the rental.
I welcome a property tax and would go further and call for mortgage interest relief to be abolished.
we need a tax system that is able to generate a tax take of 55-60bn. not 32-4bn but 55-60bn..
we were all on tax pain killers during the property boom, an addiction i may add that was 'popular'.
Do you own a home/property and have a Mortgage .... just out of curiousity?
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