geteilt von: https://sh.itjust.works/post/38301389
To try to tackle this, the Welsh Labour government, alongside Plaid Cymru, introduced measures to curb second-home ownership. This included giving councils the ability to push council tax on second homes to 300% the usual rate. They also closed a loophole whereby second-home owners could register as a business in order to pay the much lower business rates.
Gwynedd council used these powers to hike council tax to 150% in April 2023. By the end of 2024, house prices had fallen by 12.4% as second-home owners tried to sell up. In Pembrokeshire, house prices fell by 8.9% after the council increased the council tax to 200% on second homes (though this was reduced to 150% recently).
I have been advocating for triple the real estate taxes on ho.es that are not the primary residence for people. And that only people, not corporations, can own residential single family homes.
And look, it works.
Wow, look at that, turns out legislative action representing the people’s best interests has been proven infinitely more effective than empowering a dictator to execute everyone who initially refuses to redistribute.
Corporations hate this trick.
It’s 150% of the old tax rate, not 150% of the value of the home, in case anyone’s wondering.
Why would it be 150% of the value of the home. In most places in America the property tax rate is around 1%. This would make it 2.5%. that’s still a lot for the average boomer with a second home possibly on a fixed income from pension and social security.