What is the new mansion tax? All you need to know

Contributing sentiments towards policy:

67% : "A mansion tax or similar annual levy on high-value homes would almost certainly cool demand above the threshold and push activity below it," says Paul Drummond, CEO and co-founder of Swoople.
57% : Chancellor Rachel Reeves has announced the introduction of a new "mansion tax" on properties valued at £2m and over as one of the measures unveiled in her autumn budget.
52% : The new tax is also likely to lead to a "bunching up" of properties just under the £2m threshold.
52% : "Over time, more properties will get dragged into the mansion tax net, which means the proportion of terraced houses, flats and semi-detached homes will grow, particularly in the capital," says Tom Bill, head of UK residential research at Knight Frank.
51% : The new mansion tax will be brought into operation in 2028, giving those who need to pay it the chance to prepare, and the government's Valuations Office Agency the opportunity to assess which properties will be liable.
51% : " It's also likely that the future will see an increasing number of properties liable for the tax.
49% : It's also likely that there will be a rush of people wanting to sell affected homes before the tax comes into play in 2028.
48% : The Office for Budget Responsibility (OBR) expects this new tax to raise about £400m a year by 2029-2030. How much is mansion tax and who pays it?
48% : Pre-budget, there were rumours that a mansion tax would be paid at a rate of 1% over £2m, but, instead, the government has opted for four flat annual rates.
48% : "Asset-rich but cash-poor older homeowners could really struggle, as this tax could be equivalent to an entire year's state pension.
47% : " Unlike council tax, which is paid by whoever is occupying the property whether they own it or are tenants, mansion taxes will only be paid by owners, so landlords of high value properties will have to find these extra fees.
43% : While council tax bands are not going to change, the agency will look at homes in the three highest bands of F, G, and H to see if they are worth over £2m. These valuations will not be straight-forward, says Leeming.
38% : It's estimated that around 0.4% of properties, about 145,000, according to Savills, will be affected by this extra fee, which the government is describing as a "high value council tax surcharge". Unlike council tax, however, the extra money will not go to local councils but directly to the Treasury.
34% : "The term 'mansion tax' could increasingly feel like a misnomer.

*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.