Property tax of 0.18% in effect from July

The property tax will be in effect from July 1 2013, Minister Noonan said.

It will be collected by revenue, and owners of residential properties, including rental properties will be responsible for payment.

The tax will be payable on the basis of market value as assessed by owners with guidance from Revenue or owners can use a competent valour

It will be taxed on a rate of 0.18% up to market value of €1 million and 0.25% on values above that. It will be done at the mid point on bands of 50,000

For instance, a property between €150,001 and €200,000 will be valued at 0.18% of €175,000.

Exemptions will largely be the same as those for the household charge.

Local authorities will be given power to vary the rates by 15% above or below the national rates to better match funding needs.

Charge for 2013 will be a half year so on a home in the €150,000 to €200,000 band it will be €157 in 2013, €314 in 2014.

There will be a deferral option for low income persons (gross income not exceeding €15,000). Other deferral options for those whose income less 80% of mortgage falls below €15,000. Interest at 4% per annum will be charged.


Related Articles

More in this Section

Taoiseach: A lot of thinking needs to be done about EU and UK's post-Brexit relationship

Pro-life TDs quit Eighth Amendment committee in protest

Irish Rail staff unhappy with their Christmas Bonus

Man in hospital after crash in Donegal


Today's Stories

‘I am so excited about the rest of my life’, says Isabel Terry after 15-year transplant wait

Criticism as Killarney to take 55 people ‘seeking international protection’

Charity gets €300,000 in water fee refunds

Leo Varadkar and Micheál Martin coy on abortion recommendation

Lifestyle

Scenes from the analogue city - Memories of Limerick from the late 80s and early 90s

Ask Audrey: 'I heard that Viagra fumes from Pfizer’s were causing stiffys below in Ringaskiddy'

The 12 drinks of Christmas - Top tipples for the festive season

Sex advice with Suzi Godson: My boyfriend is too noisy during sex

More From The Irish Examiner