1. To add an additional proposition as follows:
“7. To agree that the amount of revenue generated from annual taxes on domestic residential property should be increased and to agree in principle that a new Proportional Property Tax (PPT), based on property value, should be investigated and to direct the Policy & Resources Committee to return to the States no later than June 2024 with proposals which should include consideration of:
a) How the tax should be calculated and applied and whether there should be any exemptions;
b) Whether the new tax should be applied in addition to or instead of Domestic Tax on Real Property;
c) A mechanism to allow pensioners and low-income households to defer the payment of property taxes until the sale or the transfer of the property to a new owner;
d) The potential to partly or fully replace Document Duty or for specified categories of property purchase, including:
i) first-time buyers only, or
ii) purchases of principal private residences only, or
iii) for all residential purchases.
e) The potential to partly fund an increase to the scale of the amount of interest paid that is allowable for Mortgage Income Tax Relief for Income Tax;
f) A premium rate of Proportional Property Tax for second homes, unoccupied homes, and properties in foreign ownership;
g) The potential to allocate or describe the quantum of Proportional Property Tax against specific services or budget items.”
