Dáil Éireann Debate, Tuesday - 21 October 2014
217. Deputy Eoghan Murphy asked the Minister for Finance if he will consider freezing any upcoming compulsory revaluation dates for the local property tax as per the legislation which determines periods at which homes must be revalued, in view of the rapidly increasing value in houses in Dublin. [40083/14]
Amharc ar fhreagraThe Finance (Local Property Tax) Act 2012 (as amended) sets out how a residential property is to be valued for Local Property Tax (LPT) purposes. As LPT is a self-assessed tax, the amount of LPT due on a property is based on the self-assessed valuation at 1 May 2013 that was declared by the liable person when filing the 2013 LPT1 Return, and applies for the four-year period until 2016.
The initial valuation of a property on 1 May 2013, assuming it was made in good faith, is valid from 2013 to 31 October 2016, and will not be affected by any increase or decrease in property prices or other changes, including repairs or improvements made, during this period. The next valuation date will be 1 November 2016.
The Deputy will be aware that section 20 of the Finance (Local Property Tax) Act 2012 (as amended) allows elected members of a local authority to pass a formal resolution to vary the basic rate of LPT by up to 15% for their functional area, which may result in a lower or higher LPT rate applying for 2015.
I am satisfied that the legislation provides certainty for homeowners, and I have no plans to amend the basis of valuation of property for LPT purposes.
