Property tax – no exemptions for boom-time buyers

There are to be no special exemptions given to those who paid large amounts of stamp duty during the property boom.

In today’s publication of the Finance Bill by the Minister for Finance Michael Noonan, the Local Property Tax is to be amended to exclude any increase in value due to modifications to a home to enhance access for a person with a disability.

The amendment makes up one of a number of modifications to the property tax contained in the Finance Bill. However, the Government held firm that it would not offer any special exemptions to those that purchased at the height of the property boom, citing the payment of mortgage interest relief as largely having balanced out much, if not all the value of stamp duty paid on homes.

Also included in the bill is a tax break to encourage owner occupiers to renovate Georgian homes.

The scheme, which will be launched on a pilot basis in Waterford and Limerick, allows home owners write off the cost of renovation against income tax. The scheme will not be open to developers or investors. There will also be restrictions for high earners.

Read full text of the Finance Bill

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