Revaluation Date for Local Property Tax (LPT) deferred to November 2020
On 3 April 2019, the Minister for Finance and Public Expenditure and Reform, Pascal Donohoe, announced that the revaluation date for Local Property Tax (LPT) would be deferred from 1 November 2019 to 1 November 2020. As a result, there will be no changes in taxpayers’ LPT bills until 2021.
The announcement comes following the completion of the report on the ‘Review of Local Property Tax’ by the Department of Finance, in conjunction with other Government Departments. The current valuations for LPT purposes are based on the declared valuations provided by property owners on 1 May 2013, so the main aim of the review was to examine the impact that the change in property prices, since May 2013, would have on LPT bills.
In light of the review, the Minister has deferred the revaluation date in order to allow for further consultation and to afford the Oireachtas Budgetary Oversight Committee time to consider the review report. The Minister has stated that he will engage with the Committee with the goal of trying to ensure that any changes to LPT provide stability for taxpayers in their LPT bills and that any increases in LPT for taxpayers should be modest, affordable and fair.
For further information please get in touch with your usual Whitney Moore contact, Ruairi O’Malley or any member of our Real Estate team