Finance Minister Paschal Donohoe recently announced changes to the property tax bands which have been in place since 2013.
The affect of this would be to bring approximately 100,000 new homes which have been built since 2013 into the property tax net. The change will also mean that properties will now be revalued
every four years.
The Department have said that over half of householders ie 53% will see no change, 33% will see their tax go up one band which would be an increase of €100 and 3% may see a jump of two bands
or over €100.
11% of property owners may see a decrease in their tax.
The number of LPT bands will be maintained at 20 but they are being expanded . The amount you pay will depend on the value of your property and the band it falls under.
Some of the exemptions have been removed such as the “ghost estates” and in certain parts of the country pyrite damaged properties will no longer be exempt.
Previously a property that had been vacated by their owners due to illness was exempt from LPT only if the property was not occupied by another person, but this condition has now been removed
which will allow the property to be rented out and remain exempt from LPT.
The revaluation of all homes is to take place in November and the first batch of new bills will issue in early 2022.
If you have any queries or require assistance in relation to any property related matter please do not hesitate to contact either Pauline Horkan or Lorna McArdle on 01 2960666