Dáil Éireann Debate, Tuesday - 17 December 2013
149. Deputy Seán Kenny asked the Minister for Finance the additional yield to the Exchequer if the 0.25% rate for houses valued at more than €1 million was increased to 0.35% for the local property tax; and if he will make a statement on the matter. [54025/13]
View answerThe 0.25% rate of Local Property Tax (LPT) only applies to the portion over €1m of any property valued in excess of €1m. The first €1m in value is taxed at the 0.18% rate. I am advised by the Revenue Commissioners that, as work is on-going to refine the Local Property Tax Register and data on LPT, and as LPT Returns continue to be filed, it would be premature at this time to present a reliable estimate for increasing the 0.25% rate to 0.35%. However, the Commissioners advise me that the additional yield would perhaps be of the order of €1m to €2 m. The Government has committed to maintaining the LPT rates of 0.18% and 0.25% for the lifetime of this Government.
The most recent LPT data published by the Revenue Commissioners shows that 0.2% of properties have been valued for LPT purposes in excess of €1m, and that 0.2% of liable persons have valued their properties in excess of €1m. The Revenue data is available at: http://www.revenue.ie/en/tax/lpt/lpt-stats-11-2013.pdf.
