Chapter 14: Land and Property
14.1 The Commission recommends the introduction of a Site
Value Tax (SVT) on all land currently not subject to
Local Property Tax. This includes all commercial
(developed and undeveloped), mixed-use, agricultural,
undeveloped zoned residential lands, and State-owned
lands as well as all land on which derelict and
uninhabitable premises sit. SVT should replace the
existing system of Commercial Rates over time.
14.2 The Commission recommends that there should be
differential treatment in the application of Site Value
Tax to agricultural land.
14.3 The Commission recommends that the current structure
and broad features of Local Property Tax should remain.
This includes a market value basis for applying the
charge, keeping exemptions to a minimum and the
continued use of regular revaluations.
There is a general emphasis on reducing taxes as a proportion of the overall tax base on wealth creation and increasing taxes on wealth retention. That is certainly to be welcomed.
A site value tax is also a good idea.
These recommendations are also in line with an overall emphasis on broadening the tax base and minimising exemptions.
14.1 The Commission recommends the introduction of a Site
Value Tax (SVT) on all land currently not subject to
Local Property Tax. This includes all commercial
(developed and undeveloped), mixed-use, agricultural,
undeveloped zoned residential lands, and State-owned
lands as well as all land on which derelict and
uninhabitable premises sit. SVT should replace the
existing system of Commercial Rates over time.
14.2 The Commission recommends that there should be
differential treatment in the application of Site Value
Tax to agricultural land.
14.3 The Commission recommends that the current structure
and broad features of Local Property Tax should remain.
This includes a market value basis for applying the
charge, keeping exemptions to a minimum and the
continued use of regular revaluations.
There is a general emphasis on reducing taxes as a proportion of the overall tax base on wealth creation and increasing taxes on wealth retention. That is certainly to be welcomed.
A site value tax is also a good idea.
These recommendations are also in line with an overall emphasis on broadening the tax base and minimising exemptions.
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