A FINE GAEL back-bench TD appears to have confirmed that the property tax to be announced in this afternoon’s Budget statements will not be applied until the middle of 2013.
Alan Farrell, a TD for Dublin North, did not include details of the rate at which the property tax would be applied – but did say that, irrespective of the rate, it would not be applied for seven months.
“Whatever property tax is introduced won’t begin until July 2013,” Farrell tweeted, “and will be levied at 50 per cent of the annual rate.”
The tweet appeared to confirm previous media speculation that the tax would not immediately be applied on a year-long basis – in order to give householders some time to prepare for its introduction.
It remains unclear at what rate the tax will be applied – though it is anticipated that it will be calculated at 0.2 per cent of the value of the house, rising to 0.25 per cent if the house is valued at over €1 million – the so-called ‘mansion tax’.