Andy Burnham has hinted at a major property tax overhaul, leaving homeowners across the country holding their breath. There are two competing models: a land value tax, based on the value of the land itself, or a 0.48pc annual tax proportionate to the property value – more closely aligned with former chancellor Rachel Reeves's so-called "mansion tax", which takes effect in 2028. Here, The Telegraph breaks down what the tax overhaul could mean for homeowners in three very different properties. But while a property owner might tolerate paying £6,345 a year if they haven't paid stamp duty, what about a family that has just paid a five-figure stamp duty bill? Under a land value tax, the numbers for the £1.35m house look quite different.