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UK has highest property taxes of any developed nation, analysis shows - P.A.MEDIA
BY Anna Wise, PA Business Reporter
The UK has the highest property taxes of any advanced economy around the world, new analysis shows as many households and businesses brace for a bills hike next week.
The country’s property tax burden – which includes council tax, business rates, and stamp duty – was 3.7% as a proportion of gross domestic product (GDP) in the 2023/24 tax year.
This was higher than in any other developed nation, according to analysis by tax and software firm Ryan of data from the Organisation for Economic Cooperation and Development (OECD).
Luxembourg came in at number two, with a 3.5% property tax-to-GDP ratio, France was third, also at 3.5%, Canada was fourth, at 3.4%, and Korea was in fifth place, at 3.3%, the latest rankings show.
Israel dropped to sixth place with a ratio of 3.2%, despite having the highest property tax burden two years before.
The UK’s ratio remained significantly higher than the 2.7% average of the group of seven (G7) of the world’s most advanced economies, Ryan found.
It was nonetheless 0.3 percentage points less than the prior year, after some businesses benefited from a bigger discount on business rates.
