Written answers
Tuesday, 20 February 2024
Department of Finance
Tax Yield
Catherine Murphy (Kildare North, Social Democrats)
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222. To ask the Minister for Finance the estimated yield if the local property tax on houses valued between €1.05 million and €1.75 million increased to 0.60% of that portion; and for houses valued at in excess of €1.75 million, were it to be increased to 1% of that portion, based on 2023 figures. [7836/24]
Michael McGrath (Cork South Central, Fianna Fail)
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I am advised by Revenue that the estimated full year yield from the proposed changes to the local property tax rates outlined in the question is in the table below. The latest full year data available for estimating the cost of proposed policy changes is in respect of 2022 figures.
| € million | |
|---|---|
| Applying rate of 0.1029% to the portion below €1.05 million and applying rate of 0.6% to the portion in excess of €1.05 million, on properties valued at between €1.05 million and €1.75 million | 14 |
| Increasing rate to 0.6% from 0.3% for the range €1.05 million to €1.75 million, and to 1% from 0.3% for any portion above €1.75 million, on properties valued at in excess of €1.75 million | 31 |
| Total | 45 |
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