Pearse Doherty (Donegal, Sinn Fein)
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211. To ask the Minister for Finance the method through which a person (details supplied) in County Donegal can revalue a residential property for the purposes of the local property tax in circumstances in which the value of the property has potentially decreased since the date of initial valuation on 1 May 2013; and if he will make a statement on the matter. [39402/20]

Paschal Donohoe (Dublin Central, Fine Gael)
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Section 13 of the Finance (Local Property Tax) Act 2012 (as amended) sets out how residential properties are to be valued for Local Property Tax purposes.

It is a matter for property owners to determine the valuation of their properties on the 'valuation date'. The current 'valuation date' is 1 May 2013 and any property valuation declared on that date remains valid until 31 October 2021. The 2013 valuation is not affected by any repairs or improvements made to a property or by any general increase or decrease in property prices that occur over the course of the ‘valuation period’ (2013 to 2021). Any reductions in the value of a property during a ‘valuation period’, including the impact of adjacent road upgrades, cannot be taken into consideration until the next ‘valuation period’.

Revenue has confirmed that it has already been in contact with the person in question to explain the position.

Catherine Murphy (Kildare North, Social Democrats)
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212. To ask the Minister for Finance the amount forgone and-or not collected by the Revenue Commissioners in local property tax by exempted property types in respect of properties purchased in 2013 to 2019 and to date in 2020. [39459/20]

Paschal Donohoe (Dublin Central, Fine Gael)
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Local Property Tax (LPT) provides for certain properties to be exempt from the tax during a ‘valuation period’. For the current ‘valuation period’ (now extended to cover 2013 to 2021), these exemptions include properties purchased between 1 January 2013 and 31 December 2013 and trading stock of builders/developers unsold at 1 May 2013 or sold in the period 1 January 2013 to 31 October 2021. Exempt properties under all exemption categories have a cost (in terms of LPT receipts foregone) of c. €15 million per year.

Also, properties built after the current valuation date (1 May 2013) remain outside the charge of LPT until the next valuation date (1 November 2021). As the owners of such properties are not required to submit LPT returns or valuations to Revenue, their number is not recorded. However, for the report of the Interdepartmental Review Group on LPT, Revenue and my Department compiled estimates of the number such of properties.

The information was based on a combination of Revenue LPT and Stamp Duty data, Central Statistics Office data, forecasts of housing construction and other information. The estimates indicate that up to 80,000 such properties may currently not be liable to LPT. I am advised that these properties could potentially yield additional receipts in the region of €25 million per year if they were brought within the charge of LPT at current rates and applying 2013 valuations in line with the treatment of properties currently subject to LPT.

Revenue publishes a comprehensive range of quarterly and annual statistics relating to LPT on its website, including information regarding exemptions from the tax, at .