Local Property Tax concessions welcome but further guidance needed for homeowners

The Society of Chartered Surveyors Ireland (SCSI) has welcomed the publication of the Finance Bill which contains exemptions for homes affected by pyrite, charity owned homes and deferral options for those in financial hardship.

Ed Carey Chair of the Residential Agency Professional Group of the Society of Chartered Surveyors Ireland (SCSI) said “Bringing a sense of fairness and equity into the introduction of this tax was essential and some of the concessions announced will go some way to alleviating the financial pressures on those in dire financial circumstances.

While the Finance Bill provides more detail on the implementation of the property tax, we look forward to the publication of a valuation self-assessment guide for homeowners so that they can begin to plan financially for the introduction of the tax this Summer.”

The SCSI also welcomed the provisions for the introduction of Real Estate Investment Trusts (REITS) in the Finance Bill.

“REITS will improve liquidity in the commercial property market and assist in attracting additional international investment but they must be well regulated and lessons should be learned from the US and UK experience” Carey said.