The Commission on Taxation report recommended moving away from our reliance on transaction taxes such as stamp duty and to introduce a Property Tax which would provide a more stable stream of revenue.
New homeowners would be exempt from paying the property tax for a 7 year period from the year they paid (probably a hefty) stamp duty - ... This is no consolation for those who paid the full whack of 9% in the height of the boom and who now have an expensive home and a big mortgage.
The property tax would be calculated based on the value of your home - again this is not good news for those who live in urban areas where property values would be far greater than their rural counterparts.
So, which is fair: Stamp Duty or Property Tax? Here are the Maths:
- €563 example of the cost of annual property tax on a house worth €150,000 - €300,000
- €12,250 the amount of stamp duty payable by owner occupiers purchasing a house worth €300,000, under the current stamp duty regime -21 years worth of property tax
Have Your Say:
- Which is fair: Stamp Duty or Property Tax?
