It's a tax paid by the tenant, not the landlord. The tax is based on the value of the property (separated into eight bands). That is, the tax is not tied to the

It's a tax paid by the tenant, not the landlord. The tax is based on the value of the property (separated into eight bands). That is, the tax is not tied to the income or assets of the person who actually pays it. I'm not aware of any equivalent in the US, except maybe city taxes in major metropolitan areas, but I believe those are generally based on income. If developmental policy has a goal of increasing home ownership, it seems really strange to tax tenants for renting, when they could be saving that money for a down payment instead.