asked the Minister for Finance the total amount received by the Exchequer in residential property tax for each of the years 1983 to 1987 inclusive; the amount of residential property tax estimated to be outstanding; and the amount estimated to be due for 1988.
Written Answers. - Residential Property Tax.
55.
I have been advised by the Revenue Commissioners that the yield from residential property tax is as follows: in 1983, £1.028 million; in 1984, £1.055 million; in 1985, £2.085 million; in 1986, £1.761 million; in 1987, £2.021 million. The estimated yield from the tax in 1988 is £2 million.
The amount of residential property tax estimated to be outstanding in respect of all the valuation dates to date is £1.3 million.
This figure is based mainly on assessments issued by the Revenue Commissioners. These assessments may be appealed on the question of the market value of the property. The assessments will also be cancelled if the potential taxpayer shows that the household income does not exceed the exemption limit (which in 1987 was £25,307).
For these reasons this figure is likely to considerably overstate the amount ultimately received by the Exchequer.