Kathleen Funchion (Carlow-Kilkenny, Sinn Fein)
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108. To ask the Minister for Finance the estimated full-year yield if the local property tax rate for houses valued at between €1.487 million and €1.575 million increased to €2,485, between €1.575 million and €1.662 million increased to €2,830, between €1.662 million and €1.750 million increased to €3,100 and over €1.750 million increased to €3,370, based on 2022 figures. [5844/23]

Michael McGrath (Cork South Central, Fianna Fail)
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I am advised by Revenue that the Local Property Tax (LPT) charge applicable to properties valued under €1.75 million is based on the relevant charge associated with the valuation band returned by the property owner.

For properties valued over €1.750 million, the LPT charge is based on market value and is the sum of:

- 0.1029% of the first €1.05 million of declared market value of the property

- 0.25% of the portion of the declared market value between €1.05 million and €1.75 million

- 0.3% of the portion of the declared market value above €1.75 million.

The change outlined in the question for properties valued over €1.75 million has not been included in this costing as such a change to the regime would mean a significant reduction in the LPT liability for higher value properties.

The estimated yield from the proposed changes to bands 17 to 19 (properties valued between €1.487 million and €1.750 million) is in the region of €1 million in a full year. This is based on returns for the year 2022.