Written answers
Thursday, 14 July 2022
Department of Finance
Tax Code
Róisín Shortall (Dublin North West, Social Democrats)
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291. To ask the Minister for Finance the number of properties assessed for local property tax in 2021 where the property valuation was in excess of €1.75 million. [39424/22]
Róisín Shortall (Dublin North West, Social Democrats)
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292. To ask the Minister for Finance the number of properties assessed for local property tax in 2021 where the property valuation was in excess of €1.5 million. [39425/22]
Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 291 and 292 together.
I am advised by Revenue that the latest information on property owners’ self-assessed valuations for Local Property Tax, as at the liability date of 1 November 2021, is published online with the most recent provisional statistics following revaluation published on the 11 May 2022 and is available at www.revenue.ie/en/corporate/documents/statistics/lpt/lpt-stats-update-110522.pdf . The number of properties for which the self-assessed valuation was in excess of €1.75 million can be calculated from Table 3 in that release.
I am advised by Revenue that the information provided by property owners in the LPT return is the LPT band and not the exact valuation of the property; for example, properties valued by their owners at €1.5 million fall into the valuation band €1,487,501 - €1,575,000. Therefore, it is not possible to provide the exact number of properties for which the self-assessed valuation would have been in excess of €1.5 million. However, the information in Table 3 of the release already mentioned for bands 17, 18, 19 and 20 may be of interest to the Deputy.
Róisín Shortall (Dublin North West, Social Democrats)
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293. To ask the Minister for Finance the estimated additional revenue in 2023 from the local property tax by reducing the level at which the 0.25% band ends and the 0.3% band begins from €1.75 million to €1.5 million. [39426/22]
Róisín Shortall (Dublin North West, Social Democrats)
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294. To ask the Minister for Finance the estimated additional revenue in 2023 from the local property tax by increasing the 0.3% rate to 0.35%. [39427/22]
Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 293 and 294 together.
I am advised by Revenue that the information provided by property owners in the LPT return is the LPT band and not the exact valuation of the property; for example, properties valued by their owners at €1.5 million fall into the valuation band €1,487,501 - €1,575,000. Therefore, while it is not possible to provide the exact number of properties for which the self-assessed valuation was in excess of €1.5 million, I am advised by Revenue that a tentative estimate of the yield from decreasing the threshold for the 0.3% rate to €1.5 million is in the region of €0.7 million annually.
I am also advised by Revenue that the estimated yield from increasing the LPT rate from 0.3% to 0.35%, for the portion of the self-assessed valuation over €1.75 million for properties assessed in that band, is in region of €0.8 million annually.
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