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Ireland Reviewing Property Tax

by Jason Gorringe, Tax-News.com, London

30 June 2015


Fine Gael Member of Parliament Regina Doherty has said she is "confident that no excessive burden will arise for homeowners" when the recommendations of the Local Property Tax (LPT) review are implemented.

In March, Finance Minister Michael Noonan asked former top civil servant Dr Don Thornhill to examine the overall yield from LPT and its contribution to total tax revenue on an ongoing basis. Thornhill was also asked to analyze the impact of recent residential property price developments on revenues, and consider improvements to ensure that LPT collections remain stable. The results will be considered in the context of October's Budget.

Doherty this week moved to reassure homeowners that the Government is considering the impact of property price rises on the LPT. She said: "In parts of the country, including County Meath, property values have increased significantly. However it is important to remember that the current [LPT] rates are in effect until 2017. After that I am confident that no excessive burden will arise for homeowners when the recommendations of the review are implemented."

"Minister Noonan has given a firm commitment to examining any impacts on property tax liabilities due to increasing property prices. The review will be completed next month."

The LPT is charged at 0.18 percent of the market value of properties worth up to EUR1m (USD1.12m), and at 0.25 percent on any excess value over EUR1m. Property values are organized into a number of bands, and the tax liability is calculated by applying the LPT rate to the mid-point of the relevant band. A "local decision factor" allows local authorities to vary the rate by up to 15 percent.

TAGS: tax | Ireland | property tax | tax thresholds | ministry of finance | tax rates | tax reform

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