May 21, 2019
News Property

Kilkenny homeowners face property tax hikes as house values surge: CSO

MANY Kilkenny householders will be hit with a significant hike in their property tax bills this year.

Local families will pay an average of €80 more because the value of their homes have risen considerably since the deeply unpopular levy was introduced in October 2013.

Back then, the average value of a home in Kilkenny was €162,500, on which homeowners would pay an annual property tax of €315.

However, latest data from the Central Statistics Office (CSO) shows these values rose to €243,750 by October 2018. This means the average Kilkenny householder will now have to fork out €405 to Revenue – a rise of €80 since the property tax was introduced.

The Local Property Tax (LPT) is assessed at 0.18pc of its market value. It is designed to fund local services and replaces direct exchequer funding for local authorities.

For properties valued at over €1 million, the first €1 million is based on a 0.18pc multiplier and the balance at 0.25pc.

But since 2015 local authorities have been free to adjust the rate up or down by a maximum of 15pc.

In Dublin, three of the four councils have reduced it by 15pc, with Fingal reducing it by 10pc for this year. This means homeowners in these areas pay a lower rate.

Conversely, those living in other counties that increased the rate pay more. For example, Waterford City and County Council increased the levy by 2.5pc, Limerick City and County by 7.5pc, Wexford and Laois by 10pc, and Longford by 15pc.

Kilkenny County Council charges the standard rate of LPT as set by the Government.

Last September local council members voted to keep the rate of property tax unchanged for the second year in a row.

 

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