How do you know if your property tax bill is going to go up?
Smart Money: LPT stays fixed for 2020. But we know where higher bills may hit in 2021.
After months of study and yet another report on the local property tax, the Government decided this week to kick a decision on the future of the tax forward another year. This means property owners will pay the same in 2020 as they did in 2013, the year the tax was introduced, despite soaring house prices in the meantime. So will we ever see our bills rising? And if so, who is likely to be hit? There are some clear pointers in the latest review from the Department of Finance, as we will look at in detail below.
It is clear from the review group report looking at reform options that it is impossible to both protect existing revenue and ensure there are no losers from a reform of the tax – particularly in Dublin, where house prices are generally higher. Even in the option involving least change, more than 250,000 homeowners would face higher bills, including a group of 25,000-30,000 in lower-priced homes mainly in rural Ireland, plus many in more expensive properties in Dublin.