If a property tax is brought in it will just raise rents. It's very simple.
The landlord won't be at a loss
Can you not acknowledge that he has proved his point. There was in the not so distant past a time in Ireland when you could purchase houses for less than the cost of site plus building cost. As in the valuation was basically = to the rebuild costs.actually nice apartment, but add 20k for 2 bedroom
Can you not acknowledge that he has proved his point. There was in the not so distant past a time in Ireland when you could purchase houses for less than the cost of site plus building cost. As in the valuation was basically = to the rebuild costs.
As a landlord another tax is just that and 200€ is not a lot to be honest. This is going to be one of those dreaded taxes, hard to implement, hated, too many exceptions, difficult to get people to pay it. It's just rates by another name. It would be far simplier if they just increased the PRTB fee that way people who earn money on their property would be the one's paying the tax.
Alot of people will have bought the 2nd home as their pension, which they saw as a safety net for retirement. Your view on this topic is quite simplistic and doesn't seem to allow for reason.
Buying property for a pension will turn out to have been a very poor investment.
Although I feel sorry for these people buying property for a pension was never a good idea. It might have worst in the last few years but it goes against the most important aspect of long-term investing, diversification.
Th sooner property turns back into a place of shelter rather than a speculative investment vehicle the better for the country. When prices fall another 50%-60% the myth of housing as an investment will be well and truly over.
MAny people these days are at a loss due to taking on a second property.
Obviously like any business that is the risk they took on and that's the way the cookie crumbles and all that.
However I certainly don't see why they should be subjected to a further property tax while their business runs at a loss.
Why not target profit making businesses instead?
What would have been better than property for a pension?Buying property for a pension will turn out to have been a very poor investment.
Although I feel sorry for these people buying property for a pension was never a good idea.
If its 200 now it will be 2000 next year, and 5000 the year after. Property is already taxed enough ( stamp duty is very high, as is vat etc, income tax etc ) . If they wanted to tax it more , that should have been done in 02, 03, 04 etc, instead of fooling the public with tax incentives etc ( section 23/27/50 ). The govt simply cannot change the level of the playing pitch now.I do have a major problem with the proposed 1% of value per year that some economists are outlining.
I I work in IT and I have rented for the last 6 years and will continue to do so until an average house is 3 times average salary.
If its 200 now it will be 2000 next year, and 5000 the year after. Property is already taxed enough ( stamp duty is very high, as is vat etc, income tax etc ) . If they wanted to tax it more , that should have been done in 02, 03, 04 etc, instead of fooling the public with tax incentives etc ( section 23/27/50 ). The govt simply cannot change the level of the playing pitch now.
I think thats a very accurate prediction.
Only time can tell but very unlikely
Lets remember he said 3 times average salary therefore approx €102k and we were talking about a 3 bed semi in dublin.
Accurate......Only time can tell but very unlikely
KKeliher, You have a few things to learn still about boom and bust markets, I fear.
102K for a three bed semi in a decent part of Dublin is looking more likely by the day. Who on earth would have believed AIB shares would touch 33 cents ?
No way thats true. I can guarantee weather you know or not but your IT job is linked in some manner to the boom in Ireland which was spurred on by the Property Industry.
No disrespect but I cannot believe someone in IT has been unable to buy a house for over 6 years.
Youre in the minority so most greedy people did it for profit and pleasure
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