I thought this from ‘Fare Share’ a very interesting idea worth drawing attention to.
Normally I’m in favour of a Land Value Tax (LVT) but this Proportional Property Tax (PPT) is an excellent half way house and a good scheme I would certainly settle for as a transitional measure – even with the dangers that ‘transition’ might become semi-permanent…
The rate looks reasonable – and I’ve checked – I’d be paying less, so that’s alright then! But I’ve no reason to think I’m not representative – as indeed is suggested in the video.
For me especially notable is the crazy thirty year old top cap on council tax. Whereas the change to 0.46% of current value would be a disadvantage only for ‘mansions’…
Perhaps the most important aspect of this tax is that occupiers would not be liable but only the owner. The occupier, rather than owner rule is, for me, a major practical drawback of LVT.
If any widowed ladies have fallen on hard times in their later life they do not have to move out of the family house as there would be no legal requirement to pay PPT until the property was finally sold.
That is the major disaster of the current council tax – people, not properties are still required to pay it.
This delightful fix would mean that the property paid – and that would obviate all the current (usually counter-productive) collection paraphernalia of legal action, bailiffs and personal sorrow.
PPT is really a no brainer.