Finance (Local Property Tax) Act 2012

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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.

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