'Mansion tax' could double rates on Scotland's most expensive homes
Summary
The Scottish government plans to introduce a new "mansion tax" that would nearly double the council tax on the most expensive homes, starting from April 2028. The tax targets homes valued over £1 million, with higher rates for those above £2 million, aiming to raise up to £16 million annually for local councils.Key Facts
- The tax could add about £3,600 a year for homes worth more than £2 million.
- Homes valued between £1 million and £2 million could see an increase of around £720.
- Approximately 15,000 properties (1% of Scotland’s housing) would be affected.
- Two new council tax bands, I and J, will be created for homes over £1 million and over £2 million respectively.
- The average council tax for the highest current band (H) is around £4,051 per year.
- The proposed Band I tax bill could be about £4,800, and Band J homes could pay around £7,651 per year.
- A targeted revaluation of homes above £1 million will be done to determine the new bands, costing around £5 million.
- Most expensive properties are concentrated in Edinburgh and some rural areas.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
