One in 10 London homeowners face spending hundreds of pounds every few years on property valuations because of Ed Miliband’s plan to introduce a ‘Mansion Tax’, it has been revealed. The Labour leader has vowed to impose a levy of up to £15,000-a-year on homes worth over £2million in order to shore up the NHS. More than 100,000 homeowners could be hit immediately by the tax, which is expected to be a levy of 1 per cent. But thousands more families - the vast majority in London - could be forced to pay for valuations of their homes by surveyors because of Britain’s volatile housing market which can see increases of over 20 per cent in a year.
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Labour vowed to impose levy of £15,000-a-year on homes worth over £2m
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More than 100,000 homeowners could be hit immediately by the tax
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But around 250,000 property owners could be forced to pay for valuations
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As house market booms owners face £500 valuation bill every few years
"If [it is] on current value, then @placeholder pensioners living in same home for years will be hit hard," he said.