Property tax of 0.18% in effect from July

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.

More on this topic

Noonan: Confidence returning to Irish economyNoonan: Confidence returning to Irish economy

Gilmore: No plans to remove rebels from Labour PartyGilmore: No plans to remove rebels from Labour Party

Labour Senator set to join Budget rebelsLabour Senator set to join Budget rebels

Burton regrets decision of expelled KeaveneyBurton regrets decision of expelled Keaveney

More in this Section

Cabinet told Brexit will have adverse impact on citizens and businessesCabinet told Brexit will have adverse impact on citizens and businesses

Ireland remains on high alert for possible Coronavirus cases, Cabinet toldIreland remains on high alert for possible Coronavirus cases, Cabinet told

Report lashes lack of climate actionReport lashes lack of climate action

Two Irish treated for coronavirus in Japanese hospitalTwo Irish treated for coronavirus in Japanese hospital


Lifestyle

Des O'Sullivan takes a look at Bill Wyman's Rolling Stones memorabiliaRolling Stones memorabilia going under the hammer

All ages can suffer from spots across their back but thankfully, there are many things we can do about them, says Jennifer RockThe Skin Nerd: back to basics to treat the pesky plague of ‘bacne’

Roz Crowley tests eight coffees ahead of Fairtrade FortnightEight of the best fairtrade coffees to try

Steel Panther give metal fans the chance to let their hair down and laugh at themselves, and the Cork audience is in party mood.Live review: Steel Panther at Cyprus Avenue

More From The Irish Examiner