Swiss Voters Support $2.1 Billion Tax Relief for Homeowners (1)

Switzerland voted to abolish a century-old system of taxing property, a move that will see lower dues for homeowners and potentially boost real estate prices.

The proposal was backed by 57.7% of the electorate, according to results published by the government on Sunday. Polls ahead of the plebiscite had suggested a tight outcome.

Homeowners’ property tax burden could drop now by as much as 22%, depending on the individual’s situation, according to estimates by Raiffeisen Switzerland. The bank also reckons that house prices will increase by 5% to 7% over the next 12 months as living in one’s ...