The Urban Regeneration and Housing Bill 2015, which is currently progressing through the Oireachtas, provides for a measure to encourage the development of vacant, underutilised sites in urban areas. The Bill will introduce a vacant site levy, aimed at incentivising the development of empty and underutilised sites in central urban areas for residential or regeneration development. Under the provisions of the Bill, the levy will be charged on the registered owners of vacant sites at a rate of 3% of the market value of each site, with reduced or zero rates applying in specific circumstances.
The Bill also contains an amendment to section 23 of the Derelict Sites Act 1990 to provide for the derelict site levy not being payable in respect of any land where the vacant site levy is payable under the Urban Regeneration and Housing Bill, when enacted.
The levy will facilitate the achievement of the primary objective of the measure which is to bring the sites in question forward for residential or regeneration development.