Property

The Commission has recommended the introduction of an Annual Property Tax:

Annual Property Tax (APT)

• The introduction of an annual property tax is one of the key recommendations of the report. The APT will apply to apply to all residential units) including rental property) with the exception of local authority and social housing and other limited exceptions. As the tax will apply to rented properties, second homes and holiday homes, it is recommended that it replace the € 200 levy introduced this year on second homes and investment properties.

• The APT will be calculated by reference to open market value of the property using valuation bands. It will be a self assessment tax and the report acknowledges some of the practical valuation issues that will arise.

• It is intended that the APT shall compensate for the abolition of stamp duty on residential property.

• In conjunction with the introduction of APT, it is recommended that stamp duty on properties acquired as the purchasers principal private residence be abolished. It is recommended that it should continue to apply to investors in residential property and on all commercial property transactions.

 

 

                                                                 Email: info@jmccarrick.com

 

 

« Go back to News Headlines