Budgetary Oversight Committee to resume hearings on property tax re-valuation and commercial stamp duty

Revaluation of the Local Property Tax revaluation and commercial stamp duty will be on the agenda of the Committee on Budgetary Oversight when it meets with representatives from the Department of Finance at its meeting on Tuesday, 16 January 2018.

Committee Chairman Colm Brophy said: “The Local Property Tax was introduced in 2013. However, the most recent CSO data shows that house prices have increased nationally by 71% since 2013, and given this substantial uplift in house prices, changes to the LPT could have a significant impact on property owners. Local authorities also need clarity on this issue well in advance of the 2019 deadline so that budgets can be fixed. The Committee on Budgetary Oversight raised the issue of the Local Property Tax revaluation in September 2017 as an important issue that needs to be clarified for householders. The Committee highlighted need for planning to take place in advance of Budget 2019, in relation to any LPT re-valuation process.

“In December, we met with Revenue Commissioners to discuss this issue. This meeting confirmed that since Thornhill report in 2015, which highlighted the fact that outdated valuations are not sustainable and that no significant pre-planning has been carried out. It also highlighted the fact that a significant amount of advance planning and time is needed to assess the impact of a re-valuation, to examine options, and to implement a revaluation process.

“In recent days, Minister for Housing has indicated that he proposes consulting with Oireachtas members on any changes to LPT. On Tuesday, the Committee will meet with officials from the Department of Finance to discuss the current process, and steps needed to address this issue in greater detail.

“In the second part of our meeting we will examine the issue of commercial stamp duty. Budget 2018 introduced a new, higher rate of stamp duty of 6% with the new measure has targeting revenue of €376m. We will examine this change in greater detail with the officials from the Department of Finance.”

This meeting will start in Committee Room 3, Leinster House at 4pm on Tuesday, 16 January 2018. Committee proceedings can be viewed live here.

Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

Ends

Media Enquiries:

Ciaran Brennan,
Houses of the Oireachtas
Communications Unit
Leinster House
Dublin 2
P: +353 1 61 3903
M: +353 86 0496518
ciaran.brennan@oireachtas.ie

Further details on the Committee: https://beta.oireachtas.ie/en/committees/32/budgetary-oversight/