Mansion tax looks increasingly likely, as chancellor expected to raise £450m from revaluing higher council tax bands | Today's Conveyancer

Contributing sentiments towards policy:

58% : Chancellor Rachel Reeves plans to raise up to £450 million from a levy on high-value homes collected through council tax bills, according to a report in The Times.
55% : "If a mansion tax is introduced, in the form of a 1% levy on properties worth at least £2 million, with an annual charge of 1% of the amount over that threshold, there must be a long lead-in time.
51% : Revaluing properties in council tax bands F, G and H will affect more than 100,000 homes, with a surcharge averaging £4,500 and owners of the more expensive homes paying significantly more.
49% : Earlier speculation surrounding the introduction of a tax on high-value properties set the threshold at £1.5 million, which would affect 300,000 homes.
49% : Council tax bands are still based on 1991 values.
47% : " Several proposals to overhaul stamp duty have been mooted in recent months, including moving the responsibility for property tax from buyers to sellers on homes worth more than £500,00 and allowing payments to be made over several years.
46% : A 'mansion tax' also hits ordinary family homes in London and the South East far more than the rest of the UK.
46% : Around 30% of homes for sale in England are priced at over £500,000, but 59% of homes in London would be subject to the annual property tax, compared to just 8% in the North East.
45% : We've campaigned scrapping stamp duty for over a decade because it's a tax on aspiration and movement', said Paula Higgins.
44% : The threshold for the tax has been increased to £2 million, The Times reports, to ensure only the owners of the most expensive properties will be liable.
40% : Budget speculation surrounding property taxes has been met with reports of uncertainty in the housing market for several weeks.
34% : "Most importantly, any attempt to raise council tax or introduce a mansion tax cannot be fair without a full, nationwide revaluation of homes.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.