John Bruton
Question:122 Mr. J. Bruton asked the Minister for the Environment if he will give details of the yield, method of operation and purpose of the tax on derelict land and buildings.
Written Answers. - Tax Yield.
The purpose of the derelict sites levy provided for in the Derelict Sites Act, 1990 is to encourage owners of derelict sites to take the action necessary to remedy the dereliction without delay. The levy applies in urban areas and in such other areas as the Minister for the Environment prescribes by regulations and is payable to the local authority concerned. It is charged by reference to the market value of the property, as determined by the local authority or by the Valuation Tribunal on appeal. The rate for 1992 is 3 per cent of the property's market value, but a higher rate, not exceeding 10 per cent, can be prescribed for subsequent years.
Because the levy came into operation this year, full details of the likely yield from it are not available yet. However, it is anticipated that the yield to county borough and borough corporations will be of the order of £190,000 in 1992.