IPTI | Update on U.S. & EU Property Tax Issues: August 2022

The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together below a selection of articles from IPTI Xtracts; more articles can be found on its website (www.ipti.org).

United States

California: L.A. County property valued at $1.89 trillion for 2022

Los Angeles County Assessor Jeff Prang certified the 2022 Assessment Roll, reflecting economic growth for the 12th consecutive year with the increase in assessed value of all taxable property countywide. The 2022 Assessment Roll grew by a record $122 billion, or 6.95%, over the prior year to a $1.89 trillion in total net value. The total net value translates to nearly $19 billion in property tax dollars for public services such as public education, infrastructure, first responders and health care workers, as well as other services.

“I am pleased to report the 6.95% increase in assessed property values in Los Angeles County shows we are slowly emerging from the pandemic that has been with us for the past two years,” Prang said. “Although the housing market is showing signs of leveling off now, it had been robust with low interest rates, inflation and a high demand during the COVID restrictions.”

The roll is the inventory for all taxable property in the county and, as such, can provide some insight into the health of the real estate market. Assessments are based on the value of property as of the lien date of Jan. 1, 2022. The roll is also driven in large measure by real property sales, which added $69.6 billion to the roll; the Consumer Price Index adjustment mandated by Proposition 13 reached its full potential of 2%, adding an additional $34.2 billion; and new construction added $6.3 billion.

“As I said when I released the May forecast, the growth in the single-family residential market was set to produce a record-breaking increase in transfer assessments and it did, adding $69.6 billion,” Prang said. “However, lingering economic distress, the continued concerns of COVID-19 variants and evolving business trends have resulted in numerous challenges for the county. As always, however, we pulled together and have produced a thorough, accurate, and fair roll in a timely manner.”

Prang also reminded residents that the growth does not mean property owners will be subject to a corresponding increase on their annual property tax bills. Most property owners will see only a 2% adjustment prescribed by Prop. 13.

The 2022 Assessment Roll comprises 2,589,521 million real estate parcels and business assessments, including 1,889,000 single-family homes, 250,000 apartment complexes, 248,000 commercial and industrial properties and more than 165,000 business property assessments.

Prang was first elected in 2014 and re-elected in 2018 and 2022. He runs the largest office of its kind in the nation, employing more than 1,200 people with an annual budget cresting near $200 million.

Pennsylvania: Property tax assessments are unfair, but lawmakers lack the will to change them

The General Assembly’s steadfast refusal to mandate that every Pennsylvania county conduct regular property reassessments for tax purposes is patently unconstitutional, reiterates a new analysis by the Allegheny Institute for Public Policy.

“The Pennsylvania Legislature has known of the property tax problem for a long time,” says Jake Haulk, president-emeritus of the Pittsburgh think tank. But when presented with studies that say the state must require regular property reevaluations, it can’t even bring itself to hold hearings. “It thus condemns property owners to fend for themselves at considerable expense to challenge wrongful assessments and rewards those who are perennially under assessed,” the Ph.D. economist reminds (in Policy Brief Vol. 22, No. 27). “And that is in violation of their duty to uphold Article VIII, Section 1, of the Pennsylvania Constitution,” he says. States that constitutional provision: “All taxes shall be uniform, upon the same class of subjects, within the authority levying the tax and shall be levied and collected under general laws.”

Additionally, Article VIII, Section 2(b), para (ii), grants the General Assembly the power to “establish as a class or classes of subjects of taxation the property or privileges of persons who, because of age, disability, infirmity or poverty are determined to be in need of tax exemption or of special tax provisions … ”

“The writers of the Constitution intended for tax levies to be fair and presumably that would mean a property tax would be based on the actual value of the property of each owner with exceptions as provided in the language cited above,” Haulk says.

How is it then that there can be so much disparity in treatment or uniformity in property tax levies? In short, because assessments for tax purposes of individual properties in most counties do not change as market values change. That’s because complete revaluations of all properties are not done on a regular basis—as are required in most states. In some counties, evaluations have not been done in decades and those that have are generally a result of a court order.

“Compounding the problem of poor and inequitable assessment regimes [is] the very heavy reliance on property taxes to fund schools and local governments that exacerbates the inequities in assessed values,” the think tank scholar adds.

Allegheny County’s last countywide reassessment was in 2012. The values of properties established in that reassessment form the “base-year valuation,” which is then used to set the property’s taxable assessment value. That assessment continues unless there is major remodeling on the property or the assessment is successfully appealed.

The assessment could also change if the property is sold at a price well above the base-year value, and a taxing authority (school districts, in particular) appeals the assessment as being too low. This has been a successful tactic. But if an owner believes their property value has fallen behind the rise in value in comparable properties elsewhere in the county or has, in fact, declined, the person might file an appeal to have the assessment lowered.

Property owners who believe their assessment is too high can also challenge the base-year valuation or appeal the assessment on the basis of the market value of the property. The latter undoubtedly is the most used.

In a 2015 ruling, Allegheny County Common Pleas Judge R. Stanton Wettick ordered that the county Board of Property Assessment Appeals and Review to “apply the Common Level Ratio to its findings of fair market value where the appellant elects a current market value methodology.”

The Common Level Ratio (CLR), to be used only in assessment appeals, is the arithmetic median of the individual sales ratios for every valid sale received from the county for the previous calendar year. The sales ratio is the assessed value divided by the sales price for each valid property sale. But the CLR can exacerbate the inequities of the system. Note that when the CLR goes into effect, it is already dated; some of the sales used were completed up to 18 months before a new CLR is calculated.

As calculated by the State Tax Equalization Board, the CLR for Allegheny County is 63.6, effective July 1 of this year. That means half the properties with a ratio above 63.6 are paying more than their fair share and the half below paid less than their fair share. And the further the sales ratio for a property is from the CLR, either higher or lower, the greater the unfairness in tax liability.

“In short, even as the CLR can be used to remove severe inequities, it is not an ideal—or even nearly ideal—solution to achieving uniformity in taxation as required by the Pennsylvania Constitution,” Haulk stresses.

All this said, if the legislature won’t require regular property valuation updates, counties could do it themselves. “But it takes the will to do the right thing rather than the politically expedient thing,” Haulk concludes.

Michigan: How Detroit moved on from its legendary bankruptcy

The rise, fall and future of Detroit

A new wave of development is rippling through downtown Detroit. “Walking around Detroit in 2008 or 2009 is not the same as walking around in 2022,” said Ramy Habib, a local entrepreneur. “It is absolutely magnificent what happened throughout those 15 years.“ Between 2010 and 2019, just 708 new housing structures went up in the city of Detroit, according to the Southeast Michigan Council of Governments. Much of the new construction traces back to the philanthropic wings of large local businesses. For example, Ford Motor is nearing completion of a 30-acre mixed-used development at Michigan Central Station. The station sat abandoned for years as the city fell into bankruptcy.

Detroit’s decline into insolvency formed amid 20th century globalization in the auto industry, according to economists. The city’s population fell from 1.8 million to 639,000 in the most recent but controversial count by the U.S. Census. “With the population leaving, with the infrastructure staying in place, it meant strains on the city. Cumulatively, they started to mount over time,” said Raymond Owens III, a former senior economist at the Federal Reserve Bank of Richmond.

The 2007-08 Great Recession left another round of scars on the city as scores of homes fell into foreclosure. The U.S. Treasury Department has since funded the removal of 15,000 blighted structures in the city. “A lot of Black people are leaving the city. So sometimes that identity can change and shift in certain communities,” said Alphonso Carlton Jr, a lifelong Detroit resident.

Local leaders have used tax and spending policies to advance economic development downtown. In July 2022, the Detroit City Council finalized a tax abatement for the real estate developer Bedrock to finance the $1.4 billion Hudson’s site project. The abatement could be worth up to $60 million over its 10-year span. Bedrock is in a family of companies controlled by billionaire investor Dan Gilbert, who moved several of his businesses downtown in 2010.

Bedrock told CNBC that decision was consistent with the council’s handling of other major developments, due to high local tax rates. One local analysis suggests that in 2020, Detroit’s effective property tax rate on homes was more than double the national average. Detroit’s new tax, spending and placemaking policies have drawn the interests of bond investors in recent years, providing another source of revenue for the local government.

South Carolina: Why You Still Need Fee In Lieu Of Tax Agreements

At the conclusion of this year’s legislative session, the South Carolina General Assembly passed The Comprehensive Tax Cut Act of 2022 (the “Act”). Among a number of other significant tax changes, the Act effectively increases the property tax exemption amount from 14.2857% to 42.8571% for manufacturing property. This change indirectly lowers the property tax assessment ratio for manufacturers from 10.5% to 6%. This marks a significant departure from the decades-long practice of assessing manufacturing property at 10.5%

What is the impact?

This change is tremendous news to manufacturers with real property assets which predate fee in lieu of tax agreements (“FILOTs”); manufacturers who acquired assets after their FILOT investment period had run; manufacturers whose FILOT is expiring; and small and medium-size manufacturers who never received a FILOT in the first place.

Pursuant to the Act, South Carolina counties will now be reimbursed (up to a statewide cap of $170 million) for the tax revenue losses resulting from the property tax assessment ratio reduction. If local governments hit the reimbursement cap, the Act provides that the property tax assessment ratio reduction will be proportionally reduced so as not to exceed the cap. The Act provides that the reduced assessment ratio goes into effect for “property tax years after 2021.” Given that we are currently in property tax year 2023, the reduction goes into effect this year.

Why Should Your Company Continue to Consider a Fee Agreement?

Now that property tax assessment ratios for manufacturing companies are set at 6% without the need to obtain a FILOT, when should companies still consider seeking a FILOT?

Contractually Locked Assessment Ratio & Fixed Millage Rate

FILOTs typically lock in the assessment ratio and the millage rate that will apply to covered property for 30–40 years. Just as the General Assembly acted to reduce the assessment ratio this year, it could also repeal or amend the assessment ratio again in future years. As a result, it can be beneficial to have the contractual agreement in the FILOT to guarantee the assessment and millage rates for the duration of the project.

While some counties lock in a millage rate for the entire duration of the Fee Agreement and others are subject to adjustments every five years, there remain savings for companies as millage rates tend to increase over time. Given current inflation, population growth, and the possibility of reduced income due to the assessment ratio reduction, South Carolina counties may more aggressively seek to increase their millage rates. FILOTs also lock in real estate values for the duration of the FILOT. Locking in the real estate value can save projects a considerable amount of money over the term of the FILOT.

Pairing of Special Source Revenues

Additionally, counties often offer Special Source Revenue Credits (SSRCs) along with FILOTs. SSRCs are separate credits that can be applied to reduce companies’ annual FILOT payments. While it is possible for SSRCs to be offered through standalone SSRC Agreements, they are more commonly offered alongside FILOT Agreements. The process for obtaining approval of a standalone SSRC Agreement is the same as that for obtaining approval of a FILOT, so given the benefits of a FILOT as outlined above, projects that are eligible for SSRCs will likely want to continue to pair those SSRCs with a FILOT as well.

Larger manufacturing projects will still want to utilize a FILOT, particularly if they qualify for a Super FILOT. In order to qualify for a Super FILOT, a company must be planning on an enhanced investment in the State through either a $400 million capital investment or a $125 million capital investment with a commitment to create 125 new full-time jobs. Super FILOT Agreements further reduce the assessment ratio to 4%, which allows for the company to achieve greater savings during the term of the Super FILOT.

Exemption from Rollback Taxes

Additionally, for larger sites, it is also particularly beneficial to have a FILOT Agreement to remain exempt from rollback taxes. Rollback taxes occur when a property changes from agricultural use to commercial or residential use. Fee Agreements can operate to eliminate rollback taxes which can result in significant savings for companies that are changing the use of the property from agricultural to commercial.

Ultimately, while the Act provided many benefits for companies outside FILOT Agreements, there can be additional benefits from entering into a FILOT Agreement. If you have any questions or want to discuss your company’s eligibility for a FILOT Agreement in South Carolina, please reach out to the author of this article or your Womble Bond Dickinson attorney.

Nebraska: ‘Truth in Taxation’ postcards aim to keep Nebraska property taxes in check

The latest armaments in the battle to control property taxes should arrive in the mailboxes of Nebraska property owners next month.

The weapons? Giant postcards — pink in most counties — emblazoned with “NOTICE OF PROPOSED TAX INCREASE” across the top and with smaller type detailing how the proposed budgets of major local taxing entities could affect the specific owner’s pocketbook in the coming year.

The cards will also inform property owners about new public hearings for people wanting to have their say about taxes or to learn more about the proposed budgets.

The postcards and hearings are part of a state law officially titled the Property Tax Request Act, but dubbed by supporters as “Truth in Taxation.” The law was passed in 2021 but takes effect this year.

State Sen. Ben Hansen of Blair, who introduced the measure, said the law will not directly lower property taxes but could help keep them in check by making local elected officials more accountable for decisions that increase tax collections.

“They now have to think harder about raising taxes due to the fact that when they do every constituent in that community will get direct and blunt notification of that decision,” he said. “They will have to answer to the taxpayers in a special hearing, at a special time, in a special place with recorded votes.”

Hansen said he also hopes the new process helps citizens get more involved in local budget-setting and the decisions that increase property taxes. The law requires the public hearings to be taxpayer-friendly, with starting times after 6 p.m. and only one hearing per county covering all local subdivisions rather than one for each taxing entity.

“The goal is, over time, getting people a little more engaged,” he said. “To ultimately bring true property tax changes, it’s up to the people to make that happen.”

Jim Vokal, CEO of the Platte Institute, an Omaha-based think tank, hailed the new process as “something big” for taxpayers. He said it will shine a brighter light on local officials by making property tax decisions more transparent and will give taxpayers a better opportunity to intervene.

Currently, he said, local officials often tout budgets that hold property tax levies flat or even decrease levies. What they don’t always make clear is that taxpayers may end up paying a higher total bill because of valuation increases.

“Officials don’t want taxpayers to know that,” he said. “It’s an honesty gap situation.”

Vokal said Utah has held the line on property taxes since passing a similar law in 1985. That has improved the state’s ranking on a measure of property taxes per $1,000 of personal income from 24th lowest before the law took effect to 14th lowest in 2019.

Nebraska, by contrast, ranked 41st lowest in 2019, virtually unchanged from the mid-1980s.

In Kansas, which adopted a property tax transparency law recently, more than half of the taxing subdivisions kept their property tax collections flat this year, Vokal said.

Jon Cannon, executive director of the Nebraska Association of County Officials, said the Nebraska law may have a similar effect on local governments here. But he said he doesn’t know how many local governments will end up having to send out postcards and hold hearings.

“I think there will be some that say we want to avoid being on the postcard,” he said. “I think there will be some that say we have needs or will be affected by inflation. It’s just going to depend on what the needs are and all the decisions that our public officials are making.”

In Utah and Kansas, the notice and hearing requirements apply anytime a taxing entity proposes to collect more property taxes.

The Nebraska law allows more leeway. It only kicks in when local governments want more than a 2% increase in property tax collections on existing property. Higher tax collections resulting from real growth, that is, new construction or property improvements, do not count toward the 2% threshold.

The Platte Institute’s Adam Weinberg said the threshold was a concession made to get the bill passed. Government subdivisions that increase tax collections but stay below that level still have to have a public hearing and a vote, based on an earlier law, but they do not have to send out the postcards or have the special hearings.

The Nebraska law also applies only to counties, cities, school districts and community colleges, which account for the bulk of property tax bills, leaving out other taxing entities, such as natural resources districts, educational service units and townships.

Under the new law, all subdivisions in a county that hit the tax increase threshold must appear at the same hearing, which must be held between Sept. 17 and before Sept. 29. The goal is to save taxpayers from having to attend multiple hearings. But the format could prove daunting if several local governments have to participate.

Douglas County Clerk Dan Esch said 13 subdivisions, including four cities and seven school districts, could potentially be required to be part of the Douglas County hearing, which has already been set for 6:05 p.m. Sept. 21 at the City-County Building, 1819 Farnam St. in Omaha.

The law requires each participating subdivision to give a brief presentation about the proposed tax increase, followed by time for people to speak.

Entities that cross county lines, such as community colleges and some school districts, only have to be part of the hearing in the county where they’re headquartered, but Cannon said information would have to be sent out to taxpayers in all counties affected.

The postcards also may prove confusing to some people, Cannon said. The law requires the cards to give specific information, including a property’s current valuation and its new valuation. Also required are the current taxes on the property, the proposed tax bill and the difference between the two for each subdivision included on the card.

But the tax amounts shown could differ from an owner’s actual tax bill because they do not account for homestead exemptions or property tax credits. Taxes for an individual property could increase more or less steeply than the overall increase for a local government, because of what happened with that property’s valuation.

Hansen acknowledged the rollout of the new process could be rocky. However, he expressed hope that the new hearings will bring out more people than traditional budget hearings, which typically draw sparse attendance.

“How do you get people to care?” he asked. “You show them how much money we’re taking from them. I think that’s what we’re trying to accomplish with this.”

EUROPE

United Kingdom: One of Britain’s biggest shopkeepers joins call for Tory leadership candidates to prioritise shake-up of ‘outdated’ business rates

One of Britain’s biggest shopkeepers has joined the call for Tory leadership candidates to prioritise a shake-up of ‘outdated’ business rates.

Iceland boss Richard Walker urged the next prime minister to promise a ‘root and branch’ reform of the tax.

He said the levy is penalising bricks and mortar retailers and, without a fundamental change, the High Street will ‘continue to decline’.

His intervention follows similar calls from a consortium of retailers – the Retail Jobs Alliance (RJI) – which includes Tesco, Sainsbury’s and B&Q owner Kingfisher.

RJI members employ more than a million people – a third of all jobs in the sector. And last week it accused Rishi Sunak and Liz Truss of ‘failing to prioritise the High Street’.

Business rates are based on rental value not profit. Walker said reform is especially important as hard-pressed shoppers turn to discount retailers such as Iceland, which has close to 1,000 stores around the UK.

Iceland has locked the price of its £1 value range until 2023 – meaning it now sells the products at a loss.

Walker said: ‘Our business rates bill is well over £40m a year. It’s just unfair. You have massive online businesses who are getting a piggyback for free.’

He pointed out that online giants benefit from the same infrastructure as brick and mortar retailers but do not pay a fair share of the tax that funds it.

Walker said business rates reform would also encourage more retailers to open businesses. This would revitalise town and city centres. Front-runner Truss, the Foreign Secretary, has promised to ‘cut taxes from day one’ if she becomes PM, while former chancellor Sunak would scrap VAT on fuel.

He has otherwise avoided promising tax cuts but at the weekend unveiled a plan to revitalise high streets and reduce shuttered shops.

Walker said candidates should focus on business rates as they will have a bigger impact on jobs, productivity and levelling up.

He added that businesses were happy paying back the Government’s generosity, having been helped through the pandemic.

Walker said: ‘I think it’s right we call out that a few percentage points increase in corporation tax is not a big deal.

‘In return it’s absolutely about jobs, productivity, levelling up and high streets which need business rates reform.’

United Kingdom: Retailers call for immediate reduction in business rates

Industry urges action amid fears that a cut in tax paid on commercial property could be blunted by transitional relief

Leading retailers have urged the UK government to pass on an expected reduction in business rates immediately, with one property consultancy arguing that phasing it in gradually could cost the industry £1bn.

The UK’s stock of commercial real estate is being revalued for the first time since 2017 and retailers, who pay a quarter of all business rates, expect substantial reductions in one of their biggest outgoings.

As part of each revaluation, the government consults on the mechanics of transitional relief, which smooths the effect of rising valuations on business rates but funds that by limiting the benefit of falls. The current consultation process ends on July 25.

Business rates are a tax paid by the occupiers of commercial property based on the premises’ rental value. In most regions shop rental values have fallen sharply in recent years, and the latest revaluation was delayed in order to capture the full impact of the Covid-19 pandemic.

In the five years since the last revaluation, transitional relief of £633mn was given to English retailers facing increases in business rates. But that was more than cancelled out by the £1.28bn withheld from those whose liabilities fell.

Transitional relief does not apply in Scotland or Wales, where business rates are an issue for the devolved governments. A slightly different system applies to Northern Ireland.

The British Retail Consortium lobby group cited the example of a supermarket in Cornwall, where the rateable value fell 23 per cent in the 2017 revaluation. Without transitional relief, the supermarket would have paid £62,000 in business rates for the 2017/18 tax year, but ended up paying £82,000.

“Transitional relief means thousands of retailers overpay their business rates, worst affecting those shops in ‘levelling-up’ regions where property value has fallen the fastest,” said Tom Ironside, BRC director of business and regulation.

The BRC said it planned to call on chancellor Nadhim Zahawi to abolish the downwards phasing of business rates ahead of the 2023 revaluation, with Ironside adding that this would be “the single biggest immediate change any new prime minister could make to help struggling high streets”.

None of the remaining Conservative leadership candidates has pledged to act specifically on business rates, preferring to focus on corporation tax, VAT and national insurance.

Jerry Schurder, head of business rates at property consultancy Gerald Eve, estimated that if the 2017 relief regime were retained, retailers could lose out on £1bn over the three-year period until the next revaluation because the upwards relief granted would be very limited but the downwards relief withheld would be substantial.

Schurder added that the draft assessment of rateable values would normally be available before any consultation and that the debate over the design of reliefs was “taking place in something of a vacuum”.

The Department for Levelling Up, Housing and Communities said it had introduced temporary reliefs for retailers during the Covid-19 pandemic and frozen business rates for this year at last year’s level.

“We continue to support businesses with tax incentives . . . as well as investing in skills, innovation and infrastructure to boost growth,” it added.

United Kingdom: Firms facing £22billion business rates hike

Companies face a £22billion tax bombshell that will hamper the recovery and could tip struggling businesses over the edge. Experts say the impact of a sudden increase in business rates will hit firms as they battle soaring costs and an uncertain future. The rise, based on additional payment calculations for the next five years, is a result of record high inflation which is expected to peak in the autumn. Business rates increases are pegged against September’s Consumer Prices Index, forecast to be as high as 11 per cent. The rise would be the highest for decades and the single biggest jump by value in one year – around £3billion extra in the 12 months from next April and increasing in subsequent years to make up the mammoth figure.

Business rates are a tax on property which means it has traditionally been disproportionately borne by high street retail and leisure companies, many of which are already nervous about a slump in demand this winter as energy bills and food prices rocket.

Retailers have long argued that the system is archaic. They point out that a tax on property means rapidly growing online firms do not share the burden.

The calculations have been verified by business rates adviser Altus based on the sudden hike and then compound increases based on the Bank of England’s target inflation rate.

Alex Veitch, Director of Policy & Public Affairs for the British Chambers of Commerce, said: ‘Business rates hammer firms with significant costs before they turn over a single pound, irrespective of their economic health or circumstances. Businesses require vital support now to enable them to think and plan for the long term.’

The Government has already made alterations to the business rates system – changing the benchmark for increases from the Retail Prices Index to the Consumer Prices Index, which traditionally rises at a slightly slower rate – and reduced revaluations from every five to every three years.

It has also introduced relief for small firms and, more recently, those in sectors under most pressure from the pandemic, although much of that help will be scaled back by next year.

Veitch said: ‘To support long-term investment and success, the Government must do more to reduce the cost pressures that are holding back business growth.

‘While recent changes to the rates system – such as more frequent revaluations – will help, a significant amount of unfinished business still remains. We need to see a reform of the entire system that takes all types of businesses into account.’

Some firms in the hardest hit sectors may be helped by a revaluation of rates from April 1 next year. But the total tax take will still rise with inflation.

The owners of high street businesses, including restaurants and shops, are feeling increasingly fraught about their prospects for the autumn. One retail chief executive said last night: ‘We’ve had a good few months coming out of Covid, but the reality is that demand might all fall off a cliff pretty quickly in September when the summer is over, people come back from holiday and belts start tightening.

He added that if prices on basics such as food and energy bills continue to rise, then people would be forced to cut back on optional spending including fashion and eating out, which would have a ‘pretty ugly’ impact on high street businesses.

Robert Hayton, UK president at the real estate adviser Altus Group, said emergency measures to help firms with business rates during the pandemic were ‘a good start in reducing the overall rates burden’.

But he added that the Government needed to stop its ‘ridiculous policy’ of raking in more taxes as a consequence of inflation and concentrate instead on creating genuine growth. This, he said, would in turn boost local tax revenues and help fund services.’

According to the Confederation of British Industry, which represents the nation’s biggest firms, the UK has the highest property tax on firms across the G7 as a proportion of GDP.

This compares to a corporation tax rate which is the third lowest in the OECD and is currently set at 19 per cent.

The Treasury is under pressure to cancel a rise in corporation tax to 25 per cent from April, that would net it £17billion a year by 2026.

Tory leadership hopeful Liz Truss has promised to axe the corporation tax rise, as well as a National Insurance hike worth £12 billion – which she has branded a mistake – and a £4.2billion ‘green levy’ on energy bills.

Authors:

• Paul Sanderson, President | psanderson[at]ipti.org
• Jerry Grad, Chief Executive Officer | jgrad[at]ipti.org
• Carlos Resendes, Director | cresendes[at]ipti.org

Compliments of the International Property Tax Institute (IPTI) – a member of the EACCNY.