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Thread: New property tax proposed

  1. #1
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    Default New property tax proposed

    New property tax proposed
    http://www.rte.ie/news/2008/0718/housing.html

    "A proposal to replace stamp duty with a new property tax has been put forward by the National Economic and Social Council.
    It says the idea should be considered by the Commission on Taxation.
    The NESC also says Ireland has an obligation to focus spending on infrastructure roads and training despite tight public finances.."


    Can't see this before the Locals... Thats all the incumbent FF Councillors want to have to explain..
    property Tax in Ireland... That Dog won't Hunt
    God Help the Party that introduce it regardless of any merits the idea may have
    "The Goddess Fortune is the devil's servant, ready to kiss any one's ass."

  2. #2
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    Default Re: New property tax proposed

    Transferring our tax to property is stupid. If they want to bring this in the need to say first Abolish Stamp Duty.

    anyway what is the justification for a property tax? Roadtax I can understand as the government maintains it. They do not maintain private property.
    Electrical capacity=electrical generation
    In the understanding of SirCharles Post #573 "Bloomberg...renewables"

  3. #3

    Default Re: New property tax proposed

    The last thing we need now is more taxes.
    When buying and selling are controlled by legislation, the first things to be bought and sold are legislators

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    Politics.ie Member myk's Avatar
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    Default Re: New property tax proposed

    Who are the National Economic and Social Council?

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    Default Re: New property tax proposed

    Quote Originally Posted by riven
    Transferring our tax to property is stupid. If they want to bring this in the need to say first Abolish Stamp Duty.

    anyway what is the justification for a property tax? Roadtax I can understand as the government maintains it. They do not maintain private property.
    Doing anything like this in the middle of a slump is asinine stupidity. Not to mention electoral suicide... FF aint that thick.

    If they were to wait 5 years until ...maybe... there are shoots of recovery, and also relate the tax not only to its value, but also to how much further it needs to be insulated etc for energy efficiency, it might be a positive thing. In the absence of control over our own interest rates, we should use stamp/property taxes as levers..... push 'em up in a boom and down in a slump, to level the market.
    The floggings will continue until morale improves

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    Politics.ie Member Oppenheimer's Avatar
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    Default Re: New property tax proposed

    How would this be practically implemented? For a long time now people have been shouting about getting rid of Stamp Duty. Will it be the case that those who have already paid Stamp Duty will have an exemption up to the amount they paid or some such consideration? Otherwise this does whiff of a double taxation on many.
    We are "they"

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    Politics.ie Member Oppenheimer's Avatar
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    Default Re: New property tax proposed

    Quote Originally Posted by expat girl

    If they were to wait 5 years until ...maybe... there are shoots of recovery, and also relate the tax not only to its value, but also to how much further it needs to be insulated etc for energy efficiency, it might be a positive thing. In the absence of control over our own interest rates, we should use stamp/property taxes as levers..... push 'em up in a boom and down in a slump, to level the market.
    Problem is though, as I understand it, if they wait and the recovery starts then their revenue shoots up and there will be no incentive to do this.
    We are "they"

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    Default Re: New property tax proposed

    It's a bit late now.

    But a property tax would have discouraged a huge number of amateur, buy to let, interest only landlords. Most of these have no interest in owning a rental property, the only interest they had was in selling it in a few years at what they hoped to be a large profit. That dream is over (unless they wait a generation or more!).

    Result: empty, badly serviced, run down properties, with first time buyers priced out of the market, due to the excess demand from the BTL crowd. I still think the tax is a good idea, it might end the stalemate in prices that have characterized the housing market for the last two years, and force those to sell who are trying to sit it out right now. I would strongly support a tax on second homes, ie on the amateur landlords.

    My two cents....

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    Default Re: New property tax proposed

    It's just a new name for rates to be honest

    They say it's replacing Stamp Duty, so does this mean it will only apply to newly built, newly bought property, or will it encompass all property ?

    All the opposition parties have a very simple message prior to next years locals..

    FF ARE BRINGING BACK DOMESTIC RATES... THEY CAN CALL IT WHAT THEY LIKE .. BUT THEY ARE BRINGING BACK DOMESTIC RATES

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    Default Re: New property tax proposed

    So someone who recently traded up and handed over 20 or 30 thousand in stamp duty for an overvalued house will now find themselves having to pay tax again? And how will they calculate it? A percentage of the property value? In which case people in 1 bed apartments in Dublin City will be paying the same or more than someone in a 3 bed semi in Limerick. Or perhaps they will do it on the size of the house in which case many elderly people who are in large old houses will find themselves forced to sell their homes to get the money to pay overdue tax and heating bills.

    This NESC (whoever they are) must be on drugs. Any government who brings in a property tax (however it is run) will be able to look out the gates of government building as the mob come for them.

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