It's a straightforward way to tax people who have homes that are worth a lot of money. Not entirely the same as being rich.
What if you live in one of the leafier parts of the east end, where only 30 years ago you could buy a house on a blue-collar wage. Now your house is worth more than £1m. But you're retired and on a basic state pension. You don't want to move to a cheaper area because your friends and family live close to you and are able to support you.
High property taxes based on the value of your assets would force you to move away or re-mortgage. Not ideal when it comes to maintaining a sense of community or caring for the elderly.
I assume by 'proper' property taxes you mean 'the way the US does things'. I'm not sure that it would work in the UK with our different economics, system of government and geography.
What if you live in one of the leafier parts of the east end, where only 30 years ago you could buy a house on a blue-collar wage. Now your house is worth more than £1m. But you're retired and on a basic state pension. You don't want to move to a cheaper area because your friends and family live close to you and are able to support you.
High property taxes based on the value of your assets would force you to move away or re-mortgage. Not ideal when it comes to maintaining a sense of community or caring for the elderly.
I assume by 'proper' property taxes you mean 'the way the US does things'. I'm not sure that it would work in the UK with our different economics, system of government and geography.