PROPERTY owners and tenants alike will be all too familiar with the prospect of council tax, but now, experts have suggested that the bills should be scrapped, in favour of a new levy.
Council tax is a local taxation system which is used in England, Scotland and Wales.
The bill sees anyone who lives in a domestic property, and does not qualify for an exemption, paying a fee to their local government authority in order to fund local series such as rubbish collection, road repairs, and transport.
The fees are based on the property value, with each property being assigned one of eight bands (from A to H), and each band having a fixed amount.
Now, experts have insisted that the levy should be cut, and a new fee being put in place.
Since then, any new builds have been assigned a nominal 1991 value.
Each local council will then determine the council tax for that year, by setting Band D, and applying a ratio to different bands.
In England, the bands have not been re-set since 1991.
However, The Institute for Public Policy Research (IPPR) have now suggested ditching the current council tax set-up, in favour of a new property tax.
The think tank put forward a new levy, which is proportionate to the current market price of the property.
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