Council tax could double for 2nd home owners in THIS area
The Property Nomads Podcast · Rob Smallbone & Aaron Devoy
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Show Notes
Rob examines an interesting law change that could potentially double council tax for second homeowners in Bath and North East Somerset, UK. As he explains, it is primarily a means for the council to generate more revenue, and Rob questions whether doubling the council tax will actually incentivise second homeowners to bring their empty properties back onto the market, as the affluent nature of the area may mean that the increased tax is easily affordable for most...
KEY TAKEAWAYS
- The council in Bath and North East Somerset is considering doubling the council tax for second homeowners in an effort to bring long-term empty homes back onto the market.
- The council believes that there are 858 homes in the area that would be impacted by this tax increase, which could generate an additional £1.84 million per year.
- However, it is unlikely that doubling the council tax will have a significant impact on second homeowners in Bath and North East Somerset, as the area is relatively affluent and most homeowners can likely afford the increase.
- If the tax increase does not incentivise second homeowners to sell their properties, they may instead choose to rent them out or use them for short-term rentals like Airbnb, which would not result in any additional council tax revenue.
BEST MOMENTS
"What the council were trying to do, apart from make cash, which they won't admit, but let's be honest, that's what they're looking to do."
"If the council tax were to be doubled and there's no restrictions in those areas, i.e. let's just say there's not an Article 4 restriction or whatever, these people might then decide to rent out the property."
"The council probably just needs to turn around and say, look, we're a bit short on cash and we're going to do other videos about other councils that have gone bankrupt in a future video and episode."
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ABOUT THE HOST
Rob Smallbone is the author of the Amazon best-seller Buy-To-Let: How To Get Started as well as 101 Top Property Tips and Property FAQ’s.
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
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