Dáil Éireann Debate, Tuesday - 16 June 2020
122. Deputy Ged Nash asked the Minister for Finance the revenue that would be raised from a levy on empty home properties at a rate of €200, €350 and €500, respectively; and if he will make a statement on the matter. [11463/20]
View answerI am informed by Revenue that it has no information on which properties are empty and consequently cannot estimate the potential yield from a levy on empty homes.
Regarding a vacant property tax more generally, an independent report on this topic commissioned by my Department was laid before Dáil Éireann on 18th September 2018 in accordance with the provisions of section 86 of Finance Act 2017. The independent Indecon Consultants report on the Taxation of Vacant Residential Property presented a detailed evidence-based assessment of vacancy rates in areas in which the demand for housing is most acute. This assessment suggests that the vacancy rate in these areas is significantly lower than the national average and has fallen in recent years.
Indecon Consultants did not recommend the introduction of a residential vacant property tax, as they did not believe it would be an effective response to deal with housing shortages. Indecon’s view was that the very low vacancy rates in the areas of greatest demand for housing, particularly in terms of medium-term vacancy, indicated that the potential for a vacant property tax to increase housing supply was very limited and could represent a distraction from the need to significantly accelerate the building of new social housing, affordable housing and the facilitation of other housing supply.
