Finance Minister Paschal Donohoe announced measures to alleviate household financial pressures, particularly regarding Local Property Tax (LPT). Although housing prices in Ireland have surged by 23% since late 2021, proposed amendments to the LPT system will ensure that 97% of properties will not shift to a higher tax band during the upcoming revaluation on November 1. Homeowners will essentially see a minimal increase in taxes, ranging from €5 to €25, easing LPT burdens while focusing on fairness and stability in taxation.
If implemented, the new measures will come as welcome relief to families who are concerned about a raft of household costs that are rising from this month.
With these changes in place, 97pc of properties are predicted to stay within the same band, with only 3pc predicted to move up by one band.
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