New 'super property tax' plan for wealthy - The Independent.
THE Government is considering a 'super property tax' for owners of large, expensive homes.
Under the proposals, the rate of tax levied would rise with the value of the property, the Irish Independent has learned.
Similar to income tax, the property tax rate would go up in bands linked to the value of the house.
That means owners of such houses would pay a higher percentage rate of tax due to its greater value.
This 'super tax' would help the Government to sell the property tax to the public as homeowners would clearly see the rich paying more.
A coalition source said: "You would need bands . . . the millionaire's house would proportionately cost more."
More kite flying, but it appears that the government are lurching towards a hybrid property tax that ignores the site valuation.
The coalition is moving toward a pure market value model for the property tax.
This measures the home in terms of its price if it was being sold on the current market.
The Government is moving away from a site-value tax because it would throw up anomalies.
For example, two houses -- one rundown and one modern -- on the same-sized site would have the same property tax bill.
They don't seem to get it. The advantage of the site valuation tax is that it stops the hoarding of land and sites. It stops the deliberate dereliction of valuable urban sites. There are so many advantages to a Site Value Tax that it would be very strange for a government not to put it in place.
So why not? 'Cos Paddy is thick.
The Government is trying to devise a system that is as easy as possible to understand.
"Taxes that are complicated are not publicly accepted," a coalition source said.
You're missing the key element Coles; at least from the 'Political' perspective.
It looks like it's hitting the mythical 'High Earners', so Joe Public has to pay less. Politics 99.999999% appearance.