Mansion tax could hit 165,000 homes in first year, Budget watchdog predicts

"The high-value council tax surcharge, often referred to as a mansion tax, will take effect in 2028 and apply to properties valued at more than 2m."

"The Office for Budget Responsibility (OBR) estimated 165,000 properties will be affected in the policy's first year, rising to 167,000 in 2030."

"Chancellor Rachel Reeves announced plans for a mansion tax at last year's budget, with a re-evaluation of high-value homes determining the new tax."

"The surcharge will be introduced in four price bands, starting at 2,500 annually for properties worth more than 2m, rising to 7,500 for those exceeding 5m."

The Independent focuses on crucial topics such as reproductive rights, climate change, and Big Tech. It emphasizes the importance of on-the-ground reporting to present balanced perspectives. The organization aims to keep journalism accessible without paywalls, relying on donations for support. A mansion tax is set to affect approximately 165,000 homes in its first year, with a re-evaluation of high-value properties determining the new tax rates. The tax will be implemented in 2028, with potential appeals from homeowners against their valuations.

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