A proposal to abolish a century-old property tax in Switzerland is losing support among voters ahead of a ballot in less than two weeks on overhauling housing levies https://t.co/4kAoXB8TlL ...

Budget Deficit - Chicago faces a $115 billion (1150 million) deficit [1] Proposed Solutions - Potential measures to address the deficit include furloughs, hiring freezes, and fee hikes [1] - An inflation-linked property tax increase is also being considered [1]

Policy Analysis - Replacing council tax with a single proportional property tax faces political pain and no fiscal gain [1] - This situation is unlikely to tempt a struggling politician [1]

Property Tax System Issues - Britain's property-tax system requires reform [1] - Council tax distribution is unfair [1] - Stamp duty hinders growth [1] - A flawed reform could exacerbate existing issues [1]

Tax Policy & Legislation - Rhode Island passed a "Taylor Swift tax," officially the non-owner occupied property tax, targeting luxury second homes [1] - The tax applies to homes worth over $1 million USD not occupied full-time, starting July 2026 [2] - The tax rate is $2.50 USD for every $500 USD of value exceeding $1 million USD [2] - A $2 million USD beach house would owe approximately $5,000 USD extra annually [3] - Exemptions exist for properties rented out for more than 183 days a year [3] - The $1 million USD threshold will adjust for inflation by mid-2027 [3] Market Trends & Potential Impact - Other states like Massachusetts, California, Maine, and Montana are considering similar measures targeting second homeowners [4] - The success of Rhode Island's tax in generating revenue without harming its luxury market could lead to adoption by other states [4]

Taxation Trends - Local governments are increasing taxes on vacation homes of wealthy individuals to generate revenue [1] - Rhode Island implemented a property tax on primary residences valued at $1 million or more, adding $5 for every $1,000 in assessed value [2] - Montana is implementing a tax that will raise property taxes by 68% for vacation homes while lowering taxes for full-time residents [4] - Cape Cod is considering a special transfer tax on homes sold for over $2 million [4] - Los Angeles' new mansion tax on sales over $5 million has raised less than half of the expected $1 billion per year [4][5] Housing Market Impact - These taxes are aimed at addressing housing market affordability issues, where many Americans cannot afford homes [5] - The luxury and vacation home market has been booming due to all-cash buyers [5] - Revenue generated in Rhode Island and Montana will go towards property tax relief for full-time residents and housing affordability programs [6] Alternative Approaches - Some European countries, like Spain, are implementing laws to restrict renting out houses in resort towns to address affordability issues [7] - Montana taxes short-term rental leases like second homes, aligning with hotel tax regulations [8]

Financial Distress - Chicago Public Schools' cash crunch is worsening due to a delay in local property-tax bills [1] - The district is increasingly dependent on short-term borrowing [1] Credit Rating - The school district has a junk credit rating [1]

Property Tax Assessment in Puerto Rico - Properties in Puerto Rico are valued based on 1957 levels for tax purposes [1] - The property tax rate is approximately 0.8% to 0.82% [1] - The effective tax rate can be as low as 0.3% due to the 1957 valuation method [1]

The UK housing market is sluggish, with prices flat and estate agents frustrated by slow deals and long chains. To get the market moving again, scrapping stamp duty on property would be a good start, though replacing it would not be easy. https://t.co/tELNjyHvTy ...

Core Insights - The Australian housing market is experiencing varied growth rates across different cities, with Perth showing significant strength in property prices, surpassing Melbourne for the first time in a decade [2][3]. Group 1: Housing Market Overview - The PropTrack Home Price Index indicates that national home prices increased by 0.39% month-on-month and 4.12% year-on-year, with a median value of AUD 2,011,530 [1]. - Sydney's median home value is AUD 1,124,000, with a monthly growth of 0.39% and an annual growth of 2.70% [1]. - Melbourne's home prices increased by 0.79% month-on-month but remain 2.85% below their peak in 2022, with a median value of AUD 782,000 [2][6]. Group 2: Perth's Market Dynamics - Perth's median home price has reached AUD 787,000, marking a significant increase driven by structural and cyclical factors, including affordability and population growth [2][3]. - The city has seen a remarkable 85.3% increase in home prices since March 2020, reflecting a strong recovery from previous lows [1]. - Perth's rental market is currently one of the tightest in Australia, with historically low vacancy rates and rapidly rising rents, attracting investors seeking capital appreciation and strong rental returns [5][9]. Group 3: Melbourne's Challenges - Melbourne faces challenges with slowing population growth and weakened price momentum, having the lowest price growth among major cities over the past five years, at less than 20% [6]. - The state of Victoria has the highest property taxes in Australia, which, combined with rising costs from new rental legislation, is leading many landlords to sell investment properties [7]. Group 4: Supply and Demand Factors - Western Australia's population growth has turned positive during the pandemic, with significant net interstate and overseas migration, putting pressure on housing supply [3]. - New housing supply is lagging behind demand due to high construction costs and labor shortages, exacerbating competition and driving up prices [3][9].