Finance (Local Property Tax) Act 2012

Amount of local property tax.

17.— (1) Subject to subsections (3) and (4), the amount of local property tax to be charged in respect of a relevant residential property shall be the amount represented by A in the formula—

A = B x C

where—

B is the mid-point, specified in column (2) of the Table to this section, of the valuation band specified in column (1) of that Table, and

C is the rate of 0.18 per cent.

(2) For the purposes of the formula in subsection (1), the valuation band to be used in respect of a relevant residential property is the band specified in column (1) of the Table to this section into which the chargeable value of the property falls.

(3) Where the chargeable value of a relevant residential property exceeds €1,000,000—

(a) the amount of local property tax to be charged in respect of the property shall be determined as if “B” in the formula in subsection (1) were the chargeable value of the property, and

(b) the rate of local property tax represented by “C” in the formula in subsection (1) shall be—

(i) 0.18 per cent in respect of that part of the chargeable value of the property that does not exceed €1,000,000, and

(ii) 0.25 per cent in respect of that part of the chargeable value of the property that exceeds €1,000,000.

(4) The amount of local property tax to be charged for 2013 and determined in accordance with subsection (1) or (3), as the case may be, shall be an amount which is reduced by 50 per cent.

TABLE

Valuation band

(1)

Mid-point of valuation band

(2)

0 to 100,000

50,000

100,001 to 150,000

125,000

150,001 to 200,000

175,000

200,001 to 250,000

225,000

250,001 to 300,000

275,000

300,001 to 350,000

325,000

350,001 to 400,000

375,000

400,001 to 450,000

425,000

451,001 to 500,000

475,000

500,001 to 550,000

525,000

550,001 to 600,000

575,000

600,001 to 650,000

625,000

650,001 to 700,000

675,000

700,001 to 750,000

725,000

750,001 to 800,000

775,000

800,001 to 850,000

825,000

850,001 to 900,000

875,000

900,001 to 950,000

925,000

950,001 to 1,000,000

975,000