Currently, the UK does not tax residential property on an annual basis. The "Mansion Tax" is a proposed annual property tax on homes valued at or over £2 million that would increase tax revenue to allow for a decrease in tax rate for low earners. Proposals estimate that properties valued between £2m and £3m would pay £3,000 per annum, but properties over £3m would pay considerably more. Commentators have suggested that in order to raise the projected £1.2bn, the Mansion Tax payable on homes over £3m would have to be £28,000.
@8YG9GL83yrs3Y
Yes, Council Tax should be replaced with a property tax.
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@8S2GLHJ4yrs4Y
Some in areas such as London will have seen an explosion in the value of their property but may not necessarily be able to pay such a tax. If these people can be protected (and not forced to move because of the tax), then yes, otherwise, no.
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