New tax on vacant homes: all you need to know if you have one

Budget main points: Vacant homes tax introduced, excise reductions on fuel extended, carbon tax to increase

This is definitely not a revenue-raising measure. Budget documents published by the Department of Finance estimate that the tax will raise just €3 million to €4 million a year. It is intended to create more housing stock by encouraging people to put properties sitting vacant for most of the year into use. The aim is to encourage these property owners either to rent or sell these homes.

Introducing the tax, Minister for Finance Paschal Donohoe said in his budget speech that “maximising the use of existing housing stock” was a key objective of the Government.The tax will be self-assessed and administered by the Revenue Commissioners.It will be charged at a rate that is three times the local property tax applying to the home.

Mr Donohoe said exemptions will apply to ensure owners “are not unfairly charged where the property may be vacant for a genuine reason”. Tax will not be applied to properties that are recently sold or listed for sale or rent, properties that are vacant due to occupier’s illness or long-term care or to properties that are vacant due to significant refurbishment work.Yes.

Source: Real Estate Daily Report (realestatedailyreport.net)

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