Council Tax undergoes re-evaluation after property boom |
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Fri, 01 Apr 2005 01:00
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A day after the Liberal Democrats specified their strategy to substitute the council tax with a local income tax, each home in England will face re-evaluation in order to work out an estimate of fresh council tax payments. It is being expected that these reassessments will be known by the month of September and renewed tax charges will be brought into effect by the year 2007.
It was way back in 1991 that the last valuations had been carried out and the average price of homes was estimated to be £73,000. It, however, stands appreciated now at £190,000 plus.
| John Andrew from BBC notified that higher taxes would be levied purely on those houses that had recorded higher values than the national average. Areas of London, the South West and South East fell under the hiked tax category.
The council tax hike was justified by ministers saying that such a regime would help ‘update’ property values and dismissed all notions of it adding to government reserves.
Nevertheless, the word of providing ‘transitional relief’ to high tax payers was also in the air, with conservatives offering about a £500 rebate to households which had all members above 65 years of age.
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