asked the Minister for Finance the changes he proposes to introduce regarding the residential property tax having regard to the recent rise in prices and to the fact that many family homes, including relatively small semidetached houses, are within the threshold of the tax; and if he will make a statement on the matter.
Written Answers. - Residential Property Tax.
68.
Changes in the residential property tax, as with all taxes, fall to be considered in the context of the budget. It should be noted that the residential property tax applies only in the case of property with a market value above a certain threshold and that this threshold is adjusted annually.
69.
asked the Minister for Finance the income values and the household values existing in relation to the operation of the residential property tax from its inception to date.
I have been advised by the Revenue Commissioners that the exemption limits for residential property tax are shown in the following table:
|
Valuation date 5 April |
Market value exemption limit |
Household income exemption limit |
|
£ |
£ |
|
|
1983 |
65,000 |
20,000 |
|
1984 |
65,622 |
22,030 |
|
1985 |
66,491 |
23,395 |
|
1986 |
68,728 |
24,468 |
|
1987 |
69,971 |
25,307 |
|
1988 |
74,321 |
25,795 |
|
1989 |
82,772 |
26,654 |
70.
asked the Minister for Finance the amount of revenue raised by the residential property tax in each of the years of its existence to date.
I have been advised by the Revenue Commissioners that the yield from residential property tax is as follows: in 1983 £1.028 million, in 1984 £1.055 million, in 1985 £2.085 million, in 1986 £1.761 million, in 1987 £2.021 million, in 1988 £2.505 million and in 1989 (to 31 October) £4.259 million.