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13 Feb

Government Introduces Finance Bill (13th February 2013)

The Government has resolved to change elements of the incoming property tax but it has refused to yield to the clamour for a fundamental review of the charge.However, there will be no reprieve for homeowners who made big stamp-duty payments at the height of the property boom.

 

Measures to ease the disproportionate burden on property owners in Dublin, a source of contention for some Government TDs, have also been ruled out.

 

Under one new exemption, however, all local authority and voluntary housing association homes will be put into the valuation band for properties worth up to €100,000, the lowest of the bands.

 

This will yield respective annual savings of €135 in respect of local authority and voluntary housing association homes valued at up to €150,000 and a €225 saving if such homes are valued at up to €200,000. In cases where homes have increased in value as a result of extensions or other works to help residents with disabilities, the rise in value will be discounted.

 

Under a further measure, previously signalled by Mr Noonan, the tax will not be levied on houses that require remedial work due to damage caused by pyrite.

 

In addition, there will be pilot schemes in Limerick and Waterford to encourage investment in urban regeneration projects.

 

These will be specifically targeted at owner-occupiers – not developers – and will take the form of relief on the refurbishment works on existing rundown buildings to bring them up to a habitable standard.

 

The idea behind the scheme, which may be expanded at a later date, is to regenerate city life and to support local tradespeople and small business in the construction and building sector.

 

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