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Novel way of implementing a fair Property Tax

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  • 07-09-2009 11:58am
    #1
    Biffo The Bare
    Registered Users Posts: 291 ✭✭


    I know there is another thread on opposing Property Tax, but I have a better solution.
    People should be taxed on the percentage of the property they actually own. The banks should be liable for the rest.
    If you own 5% of your house, and the bank owns 95%, the banks should cough up 95% of the tax due on that house, and you 5%. Remember that the banks were partly to blame for creating this situation in the first place.
    If you have paid 100% of your mortgage on your house, you are liable for the lot.
    This scheme sorts out a lot of issues.
    1: It allocates the right proportion of blame to the culpable parties for the current situation.
    2: It adds a little fairness to the notion of a property tax.


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    #2
    MarkR
    Moderators, Regional Midwest Moderators Posts: 11,117 Mod ✭✭✭✭MarkR


    What if you are on a pension and own your own home outright?


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    #3
    bmaxi
    Closed Accounts Posts: 3,859 ✭✭✭bmaxi


    MarkR wrote: »
    What if you are on a pension and own your own home outright?

    Exactly. I own my own home having paid for it over thirty years. I also had to spend another seven years saving 15% of the cost as a deposit and during some of that time, paid household rates.
    Really, what I should have done was have the Local Authority house me and waited until all the lunacy started about ten years ago, to buy.
    Do you really think the banks would pay the tax out of their profits? Would they hell!


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    #4
    dvpower
    Closed Accounts Posts: 9,183 ✭✭✭dvpower


    I'm transferring the ownership of my house to a not for profit housing association, headquartered in Bermuda.;)


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    #5
    Biffo The Bare
    Registered Users Posts: 291 ✭✭Biffo The Bare


    bmaxi wrote: »
    Do you really think the banks would pay the tax out of their profits? Would they hell!
    Why not.!!!!!:mad:
    If they can force ordinary mortgage holders to pay property taxes, why not the banks, they own a percentage of the said properties.


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    #6
    dvpower
    Closed Accounts Posts: 9,183 ✭✭✭dvpower


    Biffo The Bare wrote: »
    Why not.!!!!!:mad:
    If they can force ordinary mortgage holders to pay property taxes, why not the banks, they own a percentage of the said properties.

    Wouldn't they just pass the cost of this back on to mortgage holders in higher interest rates? Either way, the punter pays.


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    #7
    bmaxi
    Closed Accounts Posts: 3,859 ✭✭✭bmaxi


    dvpower wrote: »
    Wouldn't they just pass the cost of this back on to mortgage holders in higher interest rates? Either way, the punter pays.

    Got it in one.


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    #8
    10000maniacs
    Registered Users Posts: 4,899 ✭✭✭10000maniacs


    dvpower wrote: »
    Wouldn't they just pass the cost of this back on to mortgage holders in higher interest rates? Either way, the punter pays.
    Sorry you didn't get a tracker then?:D


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    #9
    bmaxi
    Closed Accounts Posts: 3,859 ✭✭✭bmaxi


    10000maniacs wrote: »
    Sorry you didn't get a tracker then?:D

    Interest rates would only be one way. The banks make Ryanair look like amateurs when it comes to charges.


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    #10
    NewDubliner
    Closed Accounts Posts: 1,615 ✭✭✭NewDubliner


    dvpower wrote: »
    I'm transferring the ownership of my house to a not for profit housing association, headquartered in Bermuda.;)
    Just park some broken cars in the garden and let the grass grow long, that'll help bring down you house value and the tax.


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