Local Property Tax (LPT) provides for certain properties to be exempt from the tax during a valuation period. For the current valuation period (now extended to cover from 2013 to 2020), these include properties purchased between 1 January 2013 and 31 December 2013 and trading stock of builders/developers unsold at 1 May 2013 or sold in the period 1 January 2013 to 31 October 2020.
In addition, properties built after the current valuation date (1 May 2013) remain outside the charge of LPT until the following valuation date (1 November 2020). As the owners of such properties are not required to submit LPT returns or valuations to Revenue, their number is not recorded.
For the report of the Interdepartmental Review Group on LPT, Revenue and the Department of Finance compiled estimates of the number of properties, either with an exemption due to end or new properties that would become liable to LPT in a new valuation period. The information was based on a combination of Revenue LPT data and Stamp Duty files, Central Statistics Office data, Departmental forecasts of housing construction and other information.
The compiled estimates indicate that between 60,000 and 80,000 such properties would become liable to LPT if the exemptions in question were ceased.