Taxpayers is not going to should face elevated Native Property Tax payments for 2021 after the Finance Minister determined to defer the valuation date for the tax from November this yr to November subsequent yr.
Finance Minister Paschal Donohoe stated that as with many points of the economic system, the pandemic has launched volatility into the residential property market.
Mr Donohoe stated he was additionally acutely aware of the necessity to enable ample time for the Income Commissioners to introduce the mandatory modifications to the LPT regime earlier than any new valuation date.
“Consequently I’ve determined to defer the valuation date from November 1, 2020 to November 1, 2021. With this new valuation date, there will likely be no change in LPT liabilities till 2022 on the earliest,” Mr Donohoe stated.
New properties bought since for the reason that introduction of the tax in 2013 have been exempt.
The Minister stated he’ll carry ahead proposals for main laws to implement the Programme for Authorities commitments on LPT in early 2021.
He stated these proposals will likely be designed to make sure equity and that the majority householders will face no improve of their LPT liabilities.
They may also carry new properties, that are presently exempt from the LPT or exterior of the tax, into the taxation system.
“I may also search to advertise the opposite coverage aims that I take into account ought to underpin the tax, ie defending the general LPT yield; sustaining the tax base with a small variety of exemptions and upholding the progressivity of the tax,” Mr Donohoe added.
A evaluate into the property tax was undertaken in 2015 however no modifications have been made since.