Property tax set to be 0.25% of house value

Property tax set to be 0.25% of house value

A report in today’s Irish Times has suggested that the new property tax will be pitched at 0.25% of current house value.

According to a government source, the new tax “would not be a million miles away” from the example cited in an ESRI report focusing on a tax rate in the region of €2.50 to €3 per €1,000 of house value.

A rate in this region is geared to bring in revenue of about €500 million per year. The report published in April also recommended exemptions for the low paid.

A poll on MyHome.ie on Friday found that 64% were against the introduction of a property tax, while 48% preferred an alternative method to how it would be calculated rather than the site value or home value options.

Of those surveyed, 21% preferred a site value while just 12% wanted the tax based on the value of your home. A further 19% said it should be a combination of home and site value.

Read more in today’s Irish Times.

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