As reported in the Irish Times, 18.09.19, the Oireachtas Budgetary Oversight Committee has advised of potential options in overhauling how local property tax is charged and collected. The Oireachtas aim is to minimise charges when valuation increases and have suggested a central rate to achieve this.
In 2018, local authorities collected €470 million in Local Property Tax. The Oireachtas Committee has said the State should set a target of collecting €500 million a year.
Other options put forward include;
- Local Authorities setting their own targets and rates for each location
- Facility to defer payments if taxpayer’s income is below threshold of €15,000 or has declared insolvency
Committee chairman Colm Brophy said;
“The committee notes the importance of maintaining simplicity and transparency for taxpayers. Further, from an administrative perspective, a costly and complex system runs counterproductive to the objective of generating additional net revenue,”