Another property tax?

Property Registration Authority (“the PRA”) fees have risen significantly from Dec 1, 2012.

In the average price case of a second hand house purchase at €170,000, the fees to register ownership, mortgage and obtain an official folio with map have jumped over 55%.

Up to Dec 1 last, a purchaser of such average house would have paid a total of €525 to the PRA, whereas now they pay €815.

Virtually every other cost for a purchaser has fallen significantly in the last few years, including the house price, the engineer and solicitor fees, and the stamp duty.

It is interesting so to note it is in such circumstances that the Government has chosen to raise the registration costs to such a scale.

Certainly it must be seen as unfair to first-time buyers, but could it also be seen now as another form of property tax by the back door?

Veronica Foley

Hannon Solicitors

Cork