Rates-like levy seen as unpopular
A PROPOSAL that the Government should look to raise more money from property taxes has met with opposition from the housing industry.
The idea has come in a policy document published by the Organisation for Economic Cooperation and Development.
It suggests that more property taxes make sense, rather than trying to raise existing taxes on companies and individuals.
It also says that property taxes could limit future housing market bubbles.
Other countries do impose such taxes, usually yearly levies on the value of each home.
Critics argue that additional levies will force an already slow market into a standstill and would anger voters.