Immobilienvermögensteuer

Immobilienvermögensteuer is a hypothetical or proposed form of wealth tax levied specifically on real estate assets. In a system with such a tax, the tax base would be the net value of a person’s or a company’s real estate holdings, typically measured as the market value of owned properties after allowable deductions or debts, with exemptions for certain primary residences or small holdings. The tax could be designed as a flat rate or as a progressive levy applied to the combined real estate wealth of the taxpayer.

Historically, the concept has appeared in various countries as part of broader wealth taxation. In Germany, for example, the national Vermögensteuer existed until 1997 but was ruled unconstitutional in its contemporary form by the Federal Constitutional Court, and a nationwide wealth tax has not been reinstated. Several countries have different approaches to taxing real estate wealth as part of a broader net wealth tax or through separate property-based taxes. The distinction between a real estate wealth tax and maintenance of property taxes (which are usually annual and local) is important: wealth taxes target accumulated asset value, while property taxes assess ongoing ownership or use of real estate.

Design and impact are central policy questions. Key considerations include how to value real estate accurately and efficiently, whether to exclude primary residences, the interaction with other taxes (income, capital gains), potential effects on investment, housing affordability, and administrative costs. Proponents argue that real estate wealth taxation can enhance fiscal equity and stabilize revenues; opponents point to distortions, volatility, and complexity. The exact form and feasibility depend on national constitutional, legal, and economic contexts.