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We have two types of taxes: Council Tax - a tax on residential properties. Properties fall into one of eight bands, A to H, where A is the least expensive and
by teh_klev 9y ago
We have two types of taxes:
Council Tax - a tax on residential properties. Properties fall into one of eight bands, A to H, where A is the least expensive and H is the most expensive. Your council tax bill is made up of the council tax itself which is the largest portion (goes to the council to pay for schools, libraries, street lights, etc). The remaining portion pays for water and sewerage.
Non Domestic Rates - businesses pay these. Water and sewerage are payable in addition. I don't know the ins and outs of how they're calculated.
Unfortunately land hoarding is an unresolved issue in the UK, there isn't as far as I know any penalty or charge - much of this land has no services or business activity so can't be taxed. There have been suggestions by some UK members of parliament that house builders should be forced into a "use it or lose it", thus far there's not been any official position from the government. I suspect the issue will be swept under the table until the next time the media hoves round and puts this back in the spotlight again.
- woolvalley 9y agoYeah in the US, almost all property tax is charged on a valuation basis. You pay %1-%2 per year based on the assessed value of your property. If you have a $10 million empty lot, you'll be paying $100k per year, and land hoarding tends to take care of itself fairly quickly in that situation.