Dáil Éireann Debate, Wednesday - 2 June 2021
97. Deputy Catherine Murphy asked the Minister for Finance the amount of local property tax foregone on an annual basis to date since 2013 on exempted and properties liable for the tax that have not had local property tax applied to them in tabular form. [29983/21]
Amharc ar fhreagraLocal Property Tax (LPT) provides for certain properties to be exempt from the tax during a ‘valuation period’. For the current ‘valuation period’ (2013 to 2021), these exemptions include properties purchased between 1 January 2013 and 31 December 2013 and trading stock of builders/developers unsold at 1 May 2013 or sold in the period 1 January 2013 to 31 October 2021.
I am advised by Revenue that information relating to the amount of LPT foregone on exempt properties on an annual basis to 2019 is provided at link www.revenue.ie/en/corporate/documents/statistics/tax-expenditures/costs-tax-expenditures.pdf. For 2020, the cost is provisionally estimated at €14m. These amounts are estimated, based on valuations returned by property owners. However, in some cases where an exemption is claimed, the property owner is not required to value the property.
While new properties built since 2013 are outside the scope of LPT in the current ‘valuation period’, Revenue estimates there could be approximately €30 million per annum in additional receipts if these properties were subject to the tax. This estimate is based on Stamp Duty records and other information available to Revenue.
