Thursday 20 July 2017

How much you pay is based on value of home

THE property tax would be based on a percentage of the value of owner-occupied homes.

A likely tax of 0.4pc on a home worth €240,000 would mean an annual bill of €960, the ESRI recommends.

The value of homes would be based on the location, with those in urban areas given a higher value than rural houses.

The number of rooms, or the square footage, would also be a factor in determining the value of a house.

The house type -- whether it is detached or semi-detached -- would also have a major bearing on the value for property tax purposes, according to the ESRI.

Neighbourhood traits, such as whether the house is in a crime-ridden area or a relatively safe area, will also determine the value of the property.

All houses would need to be valued by valuers working for the State, the ESRI recommends. It said this valuation should be carried out at the same time across the country, if possible. It would be possible for the State to appoint a private company to carry out the valuations, the study said.

Irish Independent

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