Friday 20 October 2017

Over €3,000 property tax on a €1.5m trophy home

The standard annual property tax rate for a €1.5m home is €3,050 and applies over most of the country (stock photo)
The standard annual property tax rate for a €1.5m home is €3,050 and applies over most of the country (stock photo)

It costs the price of a family holiday to pay the annual property tax on a €1.5m home.

The standard rate for a €1.5m home is €3,050 and applies over most of the country.

A small number of local authorities changed their Local Property Tax (LPT) rate in 2016 or for 2017, increasing the rate by as much as 10pc or cutting it by as much as 15pc.

It means the LPT on a trophy home worth €1.5m can be as much as €3,355 a year or as low as €2,592.

However, the vast majority of local authorities have maintained the standard rate of €3,050 a year.

Dublin City Council, Dun Laoghaire-Rathdown County Council, Fingal County Council and South Dublin County Council reduced the LPT rate by 15pc for 2017 after an identical reduction in 2016.

Galway County Council and Limerick City and County Councils increased the LPT rate by 10pc for this year while Wexford applied a 5pc increase on top of the standard rate.

Overall for high-value homes the standard rate of 0.18pc is applied for the first €1m and 0.25pc on anything over that amount.

The rate for a standard family home valued at between €350,000 and €400,000 is €675 a year.

Sunday Independent

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