Dáil Éireann Debate, Thursday - 14 July 2022
293. Deputy Róisín Shortall asked the Minister for Finance the estimated additional revenue in 2023 from the local property tax by reducing the level at which the 0.25% band ends and the 0.3% band begins from €1.75 million to €1.5 million. [39426/22]
View answer294. Deputy Róisín Shortall asked the Minister for Finance the estimated additional revenue in 2023 from the local property tax by increasing the 0.3% rate to 0.35%. [39427/22]
View answerI propose to take Questions Nos. 293 and 294 together.
I am advised by Revenue that the information provided by property owners in the LPT return is the LPT band and not the exact valuation of the property; for example, properties valued by their owners at €1.5 million fall into the valuation band €1,487,501 - €1,575,000. Therefore, while it is not possible to provide the exact number of properties for which the self-assessed valuation was in excess of €1.5 million, I am advised by Revenue that a tentative estimate of the yield from decreasing the threshold for the 0.3% rate to €1.5 million is in the region of €0.7 million annually.
I am also advised by Revenue that the estimated yield from increasing the LPT rate from 0.3% to 0.35%, for the portion of the self-assessed valuation over €1.75 million for properties assessed in that band, is in region of €0.8 million annually.
