Residential properties built after the current valuation date (1 May 2013) remain outside the charge to Local Property Tax (LPT) until the next valuation date (1 November 2021). The owners of such properties are not required to submit LPT returns or valuations to Revenue, therefore the precise amount of revenue that would be raised is not available.
However, it is estimated that there could be approximately €30 million per annum in additional LPT receipts if these properties were subject to LPT. This estimate is based on Stamp Duty records and other information available to Revenue.
The General Scheme of the Finance (Local Property Tax) (Amendment) Bill 2021 was published on 2 June, following approval from Government. The proposed Bill will give effect to a package of measures in line with the Programme for Government commitments to address the future of the Local Property Tax and will provide inter alia that properties built since 2013 will be brought into the charge to the tax.