Thursday, 5 March 2020
Department of Finance
Property Tax Exemptions
97. To ask the Minister for Finance if he has considered temporarily exempting homes of persons along the river Shannon that have been adversely affected by recent flooding from the local property tax; and if he will make a statement on the matter. [3677/20]
The Finance (Local Property Tax) Act 2012 (as amended) provides for a limited number of exemptions from LPT, none of which operate on a temporary basis. It does not provide any exemption for properties liable to, or having actually suffered, flooding. Limiting the exemptions available has kept the tax base as broad as possible and has allowed the rate to be kept low for those liable persons who do not qualify for an exemption. For this reason I do not intend to legislate for the temporary exemption proposed by the Deputy.
Section 13 of the 2012 Act sets out how residential properties are to be valued for LPT purposes. LPT operates on a self-assessment basis and it is a matter for the property owner in the first instance to calculate the tax due based on his or her assessment of the market value of the property. When making an assessment, it is expected that the effect of serious and regular flooding on a property would be factors that a property owner would take into account in valuing the property.
Current property valuations made on the valuation date of 1 May 2013 will continue to apply until 31 October 2020 on foot of S.I. No. 166/2019 - Finance (Local Property Tax) Act 2012 (Section 13(3)) Order 2019. The declared valuation is not affected by any repairs or improvements made to a property, any damage to a property or by any general increase/decrease in property prices that might occur over the course of the valuation period.
Information and assistance in relation to LPT is available via the Revenue LPT Helpline on 01-738 36 26.