Local authorities across the country will decide next month how much they will charge householders in their area for the Local Property Tax next year.
Councillors have the power to increase or decrease the rate charged in their area by up to 15 per cent each year. Their decision holds for one year only and if no notice of change is given to Revenue by September 30th, the charge reverts to the standard rate.
However, at the end of next year the tax will be recalculated to reflect the upturn in property prices, with tax bills expected to increase from 2020.
More than 90 per cent of homeowners are paying local property tax (LPT) based on property values of less than €300,000, according to figures from the Revenue Commissioners.
Currently the amount of tax paid is based on the value of the property on May 1st, 2013, With 90.6 per cent of properties valued at under €300,000, almost all households pay less than €495 in property tax.
