A petition calling for reform of property taxes has notched up its hundredth signature.

The petition was launched by Fairer Share, the national campaign to replace Council Tax and Stamp Duty with a Proportional Property Tax.

Under the scheme, it would see homeowners pay an annual levy of 0.48% of a home’s value.

It would equate to £1,4440 a year on a £300,000 home.

Andy Burnham

It is understood that Britain’s new Prime Minister Andy Burnham is a fan of the system, although experts say it could take three to five years to implement.

Fairer Share research claims that 77% of households would benefit from such a tax, and those paying more would see increases capped until they sell.

Fairer Tax

Andrew Dixon, founder of Fairer Share, said: “Andy Burnham has spent years arguing that Britain’s property taxes are broken.

“Now, as Prime Minister, he has the opportunity – and the responsibility – to fix them.

“A Proportional Property Tax would mean millions more families able to afford their shopping and bills, more spending on struggling high streets in neglected areas, and a fairer tax system for every council and every postcode.”

The whole system is out of date, out of order and out of time.”

He adds: “Millions are worried about council tax bills, and three times as many back reform as oppose it. We must be bolder than tinkering through the surcharge currently proposed on the privileged few. The whole system is out of date, out of order and out of time.”

“This petition means MPs are now expected to consider the biggest overhaul of Britain’s property taxes for a generation at precisely the moment a new Prime Minister has the political capital to act.

“Governments rarely get a better opportunity to tackle problems that every major party agrees have existed for decades. Property tax reform is one of them.”

Outdated tax

Marc von Grundherr, Director of Benham and Reeves, says: “Stamp duty must be addressed. It is an outdated and fundamentally unfair tax that penalises people simply for moving home, while placing the greatest financial burden on buyers in higher-value markets such as London.”