Cork council losing out on property tax from houses with lower valuations due to flood risk

Cork councillors warn that insurance refusals for flood-risk homes are reducing property values and depriving local authorities of vital LPT income

Cork County Council heard that businesses and householders who have been refused flood cover since Midleton was hit, first in 2015 and again with Storm Babet in 2023, 'would happily pay a higher premium for peace of mind'. File photo: Guileen Coast Guard unit

The State is losing out on significant Local Property Tax (LPT) revenue because a growing number of properties which are being denied flood insurance can thus stay on the lowest valuation band. These properties are considered to be harder to sell and of lesser value than similar properties with insurance cover.

Cork County Council is now to write to Government in a bid to pressurise insurance companies to insure homes in the county which are at risk of flooding.