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i find it wrong in that sense.
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I don't. If you're going to have a property tax it's got to be graded on the (relative) value of the property. If a particular property is worth more (again, relatively) then it gets taxed more. It's the same principle as paying more income tax if your salary goes up, or if you make a big profit on some shares, you may not like the big figure in the column for 'cash nicked by Gordon Brown' but you're still better off. Likewise in the case of a house you're still sitting on a property that's worth more than it would have been.