Property Tax Anyone pay Stamp Duty in the last few years??

Dannyboy83

Sorry, a Freudian slip, I meant two things*, not two guns.

Ludo

Dannyboy83 wrote: »

Now, I'm sorry to hear that you are losing €3,000 per month.
But the loss that you are incurring (temporarily) is part of the investment game and part of the property market.
The contract between you and the bank was unilaterally negotiated between you and the bank.
You recoup all profits, but you also incur all losses.
SNIP

I assume you entered into contract of your own free will and nobody coerced you into the purchase.
The E26k stamp duty and the current losses you are incurring, are unfortunately the way business works.
I'm sorry if you feel hard done by, but this is the nature of investment.

Nobody is going to compensate my sister-in-law for the E20,000 she had invested in the banks, and the government are unlikely to take it into account, as previously demonstrated with the 1% income levy.

Why are you constantly comparing this to investments and stocks. My HOME is NOT an investment as far as I am concerned. It was not purchased with the aim of turning a profit. It was purchased to provide a stable home environment for my family. How can you compare this to someone who has bought 2/5/20 houses to gamble in the property market or someone who bought bank shares in the hope of making a quick and easy few quid?

Dannyboy83

Ludo wrote: »

Why are you constantly comparing this to investments and stocks. My HOME is NOT an investment as far as I am concerned. It was not purchased with the aim of turning a profit.

My apologies, did you purchase it with the aim of generating a liability?

It was purchased to provide a stable home environment for my family.

I sympathise, believe me.
I have similar ideals to yourself, as do many other people.

Obviously the people profiting from it didn't care however.

How can you compare this to someone who has bought 2/5/20 houses to gamble in the property market or someone who bought bank shares in the hope of making a quick and easy few quid?

[/quote]

I don't compare it strictly in those terms.
I have similar resentment myself for the speculators and monopolists.

However, if you sunk E26k into the stampy duty and a further E300,000 into the cost, well, thats the cost and thats the risk.

In your case, it should be irrelevant anyway, since the house is your Home, meaning negative equity is really not that important unless you plan to change country.

jmayo

Dannyboy summed a lot of why we will all be hit and yes some will be worse than others.
Most of this is due to the fact the economy was a one trick pony since 2001
There is not enough money to match the public sector spending and we can't borrow our way out of this.

Even worse our economy is shrinking with the unemployed numbers rising, thus making the deficit even worse.
Imagine 3 million in one month made unemployed in the US and that was affectively Ireland in Jan 2009.
To top it all we have to bail out the banks for their, the governments and the regulatory authorities incompetence.
Sadly this bank bail out is necessary since if the major high street banks go bust we would all be f**ked.
(Anglo shoudl never have been bailed out but that is another argument)

Now we can all bitch and give reasons why we should not pay.
It maybe because we paid x amount of tax as stamp duty, it might be because my property ain't worth as much as paid for it, or we have a young family or we aint paid a lot or we didn't cause the problems.

But we will all have to pay and if people think finding a couple of billion is bad, we have to find many multiples of that this year and in the coming years.

We are in deep sh** and we aren't anywhere near the shallow end.

Dannyboy83

jmayo wrote: »

But we will all have to pay and if people think finding a couple of billion is bad, we have to find many multiples of that this year and in the coming years.

We are in deep sh** and we aren't anywhere near the shallow end.

And in fact, the longer we wait to act in fiscal reform and taxation, the further we are going under water without oxygen.

There are a myriad of reasons, but suffice to say, the bigger our debt grows, there is a greater the chance of default and a lesser chance of external investment.
And that makes borrowing exponentially more expensive, making default exponentially more likely, making borrowing exponentially more expensive, making default exponentially more expensive........................................................and down the deflationary spiral we go.

gearoidc

Now we can all bitch and give reasons why we should not pay.
It maybe because we paid x amount of tax as stamp duty it might be because my property ain't worth as much as paid for it, or we have a young family or we aint paid a lot or we didn't cause the problems.

You made no attempt to answer my last posts directed to you and instead come back with blather and pointless statements-of-de-bleedin-obvious.(Digital) paper never refused ink.
You have a remarkable capacity for making sweeping, indignant, self-important "Why should I have to subsidise you?" type remarks that you are then totally unable to back up. Can you explain how you came to the bizarre conclusion that you are subsidising people like me???

You don't need to tell me that there are hard tax measures coming down the tracks. I have highlighted why I feel I should have to pay no more tax-at least for a few years -on this particular property.

For the umpteenth time- I have no problem paying my fair share of taxes Anyone who paid stamp duty circa 2005/06/07 has paid way more than their fair share of tax already, and, I suspect, a lot more than you.

Merch

Property tax cannot just be levied arbitrarily
It must take into account the nature of the property and the value of the area?
How can a figure just be come to and applied annually.
Why not calculate it the same way, ie you owe 26K bought recently then you've been fleeced but have paid.
All new purchasers can have the tax calculated the same way and rate, owe 26K pay over say 25 years which used to be the life of an average mortgage.
It will encourage people to buy as the initial outlay will be lower, its fixed so you dont get the what about pensioners/people who cant pay wont come up (as they have already paid)

Liam Byrne

ManFromAtlantis wrote: »

it might be unpopular to say this but i think a property tax on all houses is fairer than just those with 2nd homes. in fact i would suggest a property tax on all but 2nd, 3rd etc would be exempted . and no i dont have 2 houses. its just that the guy with 2 houses is likley to be feeling the pinch alot more than those with one.
and as some said , they have paid alot of taxes in the purchase of that ball and chain.

And they needed 2 or 3 houses because ?

Get real, please! Everyone needs "A" roof - not 2, not 3, "A" roof - over their heads (and the Govt will have a MASSIVE bill if a lot of people end up homeless).

The_Conductor

Merch wrote: »

Property tax cannot just be levied arbitrarily
It must take into account the nature of the property and the value of the area?
How can a figure just be come to and applied annually.
Why not calculate it the same way, ie you owe 26K bought recently then you've been fleeced but have paid.
All new purchasers can have the tax calculated the same way and rate, owe 26K pay over say 25 years which used to be the life of an average mortgage.
It will encourage people to buy as the initial outlay will be lower, its fixed so you dont get the what about pensioners/people who cant pay wont come up (as they have already paid)

Perhaps now that the major banks are getting their acts together- and the government is defacto owner of the 6 major financial institutions- their valuations could be used as the basis for a property tax.

An example of how BOI are behaving *now*- 3 bed townhouse Lucan Village- valuation Sept.06 475k. valuation April.09 330k. Valuation by BOI for mortgage purposes 265k (what the unit was priced at when it originally sold in 2001), or insurance purposes 110k.

If the major institutions which the government now controls are accurately valuing residential units- surely these valuations could be the basis for a tax of say- .5% per annum of paper value?

S.

jimmmy

It would be too clumsy a tax to try to collect. How would you go about trying to value a million or so properties in the country...about 200,000 of which are empty and which are in negative equity. Two thirds of the dwellings in Leitrim are empty for example. A lot of people paid a lot of stamp duty etc on those properties, and the govt collected a lot of income tax etc in their construction. Trying to tax empty places now, and places in negative equity, would be the straw that breaks the camels back. Also too difficult to enforce. When they cannot even collect the relatively small + simple tv licence fee from each property in the country....lol