Finance Minister Paschal Donohoe will introduce measures to alleviate household financial burdens by ensuring that the majority of homes in Ireland do not move up a Local Property Tax (LPT) band. Despite a 23% increase in property prices since late 2021, proposed amendments would allow approximately 97% of properties to remain within their current LPT band after the valuation on November 1. Homeowners can expect only modest increases in their annual charges, helping to maintain financial stability and fairness in property taxation as outlined in Government commitments.
Finance Minister Paschal Donohoe announced new measures aimed at preventing most homes in Ireland from moving up a property band for Local Property Tax, easing financial burdens amidst rising household costs.
With the upcoming valuation date for the Local Property Tax set for November 1, the necessity for amendments to taxing mechanisms has arisen due to the significant increase in property values over the past year.
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