I think this is exactly what we need, I can't see any government introducing it in a hurry though. They're there to win votes, not implement equitable and rational policies.Or perhaps we actually need some form of property/wealth tax rather than something that just affects trades?
Because this way of splitting contracts is of questionable legality at best.Why bother paying 390K for a house when you can pay 381K, 10K for the furnishings and save yourself 10K odd - and that is rampant.
What could be more progressive than a tax based on property value? The main advantage is that it might help free up housing stock for those needing to move up the property ladder because of increasing family size etc, it may mean in general that people would live in houses which meet their current requirements (and finally we would get a chance to tax the wealthiest group in our society - the pensioners!!!).
Perhaps Glenbhoy means asset rich?
I don't think there's anything progressive about a tax based on property value. With the crazy property price increases over the last number of years, there are many people living in expensive properties while not earning very much by today's standards. As for the pensioners being the wealthiest group in our society - you're having a laugh aren't you?
In fairness, I don't think most people realise there is a stamp duty clawback if they rent within 5 years.
Correct, didn't know that...for the mortgage/taxation uneducated out there (myself...), can you ellaborate and explain this to me?
Plenty of details on this on AAM - and Prime Time did a show on it this week as well.Correct, didn't know that...for the mortgage/taxation uneducated out there (myself...), can you ellaborate and explain this to me?
Perhaps but are we really going to force 80 year olds out of the homes they've lived in all their lives?
I know, does not mean it does not happen, nor that the system doesn't inadvertently encourage it.Because this way of splitting contracts is of questionable legality at best.
Indeed, but there are also a large group of pensioners out there who are very well off in cash terms too, think about it, nice defined benefit pension, the only impact higher interest rates have is to increase the interest gained on their savings, better tax breaks too!! I'm not begrudging them that, and I'm sure they worked hard and struggled through the bad times here, but.....Perhaps Glenbhoy means asset rich?
To my mind that would be one of the major advantages of a property tax, it might encourage people to free up housing stock in the areas of most economic activity (while they head off to take advantage of those seaside apartments). What's the point of a 80yo widow living in a 4 bedroom detached house in Dublin, whilst a 35yo with 4 kids has to commute for 4 hrs a day from his/her Carlow base?Perhaps but are we really going to force 80 year olds out of the homes they've lived in all their lives? This would be the result for those who could not afford to pay tax on their properties. But wait....I know!..we'll force them to borrow so they don't have to move. Sure the banks could do with more money and the Gov. coffers could really use the cash.
We had a residential property tax here in the past (was it mid 90's when it was rescinded?), NI are currently introducing a form of it and virtually every (lefty) european country has one in place too. The rate doesn't have to be huge, say 1% of value.Absolutely. At lest with stamp duty you pay it once and never again. If the tax was based on property value you will always live under the threat of losing your house in the event of illness/incapacity/bad luck.
Not only that but if you introducced a property tax tomorrow would you distinguish between those who have payed SD in the past and those who haven't? It would be difficult to make it fair
Or perhaps we actually need some form of property/wealth tax rather than something that just affects trades?
Indeed, but there are also a large group of pensioners out there who are very well off in cash terms too, think about it, nice defined benefit pension, the only impact higher interest rates have is to increase the interest gained on their savings, better tax breaks too!! I'm not begrudging them that, and I'm sure they worked hard and struggled through the bad times here, but.....
glenbhoy said:To my mind that would be one of the major advantages of a property tax, it might encourage people to free up housing stock in the areas of most economic activity (while they head off to take advantage of those seaside apartments). What's the point of a 80yo widow living in a 4 bedroom detached house in Dublin, whilst a 35yo with 4 kids has to commute for 4 hrs a day from his/her Carlow base?
glenbhoy said:We had a residential property tax here in the past (was it mid 90's when it was rescinded?), NI are currently introducing a form of it and virtually every (lefty) european country has one in place too. The rate doesn't have to be huge, say 1% of value.
The elderly could be exempted from any such property tax. Would it be so bad though to force people whose children have grown up to downsize, and thus free up larger properties for families?
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