Dáil Éireann Debate, Tuesday - 26 July 2022
378. Deputy Darren O'Rourke asked the Minister for Finance the estimated yield if the local property tax rate increased to 0.30% for properties valued at over €700,001 and increases to 0.50% for properties valued at over €1 million and 1% for houses valued at over €1.4 million. [40753/22]
View answerI am advised by Revenue that it is not possible to provide an accurate estimate of the rate changes mentioned as the valuation provided in the LPT return is the LPT valuation band and not the exact valuation of the property. However, on the basis of certain assumptions regarding the distribution of property values within LPT bands, a tentative estimate of the increased yield from applying a rate of local property tax of 0.3% to property values between €700,001 and €1 million, a rate of 0.5% for values between €1 million and €1.4 million and a rate of 1% for values in excess of €1.4 million is €59 million per annum.
