Dáil Éireann Debate, Tuesday - 26 July 2022
425. Deputy Richard Boyd Barrett asked the Minister for Finance the estimated full-year cost of abolishing the local property tax and introducing a tax on non-principal private residences as follows (details supplied); and if he will make a statement on the matter. [41575/22]
View answerI am advised by Revenue that the estimated full year cost of abolishing local property tax (LPT) is in the region of €490 million in a full year. Information in respect of introducing a charge on non-principal private residences (NPPRs) is included at page 29 in the ‘Ready Reckoner’, published at link: www.revenue.ie/en/corporate/documents/statistics/ready-reckoner.pdf.
This estimate is based on information for the LPT year of 2021 and does not include the impact of any possible behavioural change by property owners. Preliminary analysis of the LPT returns indicates that the number of NPPRs has increased. The Deputy may wish to note that Revenue has advised me that the Ready reckoner will be updated to reflect the 2022 LPT returns in the coming weeks.
