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Budget Statement 2013

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Snippet Contents:

-----as they will ensure that all sources of income are subject to PRSI.
Local Property Tax
I will now turn to the local property tax, which the Government is introducing as a better alternative to increased taxes on income. Property taxes are used across the world as they are better for the protection and creation of jobs than taxes that increase the cost of employment. The local property tax will commence with effect from 1 July 2013 for the second half of the year. To design a tax that is equitable, the Government has accepted most of the recommendations made in the report of the expert group chaired by Dr. Don Thornhill. The report is being published this week.
The main features of the tax are as follows. It will be collected by the Revenue Commissioners. Owners of residential properties, including rental properties, will be responsible for payment of the tax. The tax will be payable on the basis of the market value of the property, as assessed by the owner. To aid owners the Revenue Commissioners will provide valuation guidance to which owners can refer. Alternatively, owners will be free to use a competent valuer. The initial valuation will be valid up to and including 2016, which will provide three and a half years of certainty for property owners.
The rate of the tax will be 0.18% of market value up to €1 million and 0.25% on values above that level. These central national rates will not be varied during the lifetime of this Government. Properties with a value of more than €100,000 and less than €1 million will be assessed at the mid-point of a valuation band of €50,000 width. For example, properties valued at between €150,001 and €200,000 will be assessed at 0.18% of €175,000, while properties with a value below €100,000 will be assessed at 0.18% of €50,000. Properties valued at more than €1 million will be liable at 0.18% on the first €1 million and 0.25% on the balance, without banding being applied.
Property owners will be able to choose from a wide range of payment options, including payment by direct debit, credit or debit cards, cash payments or deduction at source from salary, occupational pension or certain State payments. Certain properties will be exempt from assessment and these exemptions will largely correspond to exemptions from the household charge.
The Government is committed to real local government democracy and accountability.