Damien English (Meath West, Fine Gael)
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321.To ask the Minister for Finance his plans to review the local property tax scheme; if such a review would allow for public consultation; and if he will make a statement on the matter.[34197/24]

Jack Chambers (Dublin West, Fianna Fail)
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The Local Property Tax (LPT) was introduced in 2013 to provide a stable and sustainable source of funding for local authorities. For the valuation period 2022-2025, the tax is payable annually on the self-assessed market value of residential properties as of 1 November 2021.

The Programme for Government 2020 – “Our Shared Future” – included a commitment to bring forward legislation in relation to LPT on the basis of fairness, such that most homeowners would not face an increase in their LPT liability. A commitment was also made to bring new homes, which had been excluded from the LPT, into the LPT system.

The Finance (Local Property Tax) (Amendment) Act 2021 was enacted in July 2021 and provided for a number of changes to LPT, including a revised method for calculating liabilities. This allowed Revenue to make the essential technical and administrative preparations for the valuation of residential properties and revised charging structure in advance of the valuation date of 1 November 2021.

The Act provides for the property valuations to be reviewed every four years, and facilitates the regular addition of new properties into the LPT. All new properties built between valuation dates are retrospectively valued as if they had existed on the preceding valuation date and become liable on the next liability date (1 November).

The next valuation period is set to commence in 2026 for a duration of four years, with reference to the self-assessed market value of residential properties as of 1 November 2025. The LPT will be reviewed in advance of that date. The format of that review has yet to be decided.