An international comparison could reveal whether countries that tax rental value or apply deductions for property and financing costs have systematically higher mortgage indebtedness than others. According to a survey of tax authorities in European countries carried out by the Swiss Federal Tax Administration, only Switzerland, Spain and the Netherlands still tax rental value. It has been replaced by a property tax in Denmark and exists in Luxembourg, but is very low. However, in those countries where rental value is used, cost deductions are lower than in Switzerland and passive interest cannot be deducted.
