THE DEPARTMENT OF Finance has released initial figures from Vacant Homes Tax (VHT) returns, showing that just 3,000 properties were deemed liable for the tax in the last year.

The Vacant Homes Tax was introduced in 2022 to bring more livable homes back into use in light of the housing crisis. It is a self-assessed tax.

Some 48,000 houses or apartments were deemed vacant in both the 2016 and 2022 censuses, representing 2% of Ireland’s housing stock.

The figures released this evening relate to the period from 1 November 2022 to 31 October 2023 and are provided by Revenue.

As of 20 November, Revenue has identified over 50,000 properties potentially liable for the tax.

However, of these, approximately 5,000 properties were declared as vacant by the owners and 45,000 were declared by the owners as being occupied.

Of the 5,000 who self-reported as vacant properties, approximately 2,000 of these properties have claimed an exemption from the tax.

This leaves approximately 3,000 properties with a liability to the tax.

Commenting on the figures, the Minister for Finance Michael McGrath said, “I note the significant number of property owners who submitted a VHT return before the statutory deadline.

“In light of the shortage of available accommodation at this time, I decided to increase the VHT in Budget 2024 and the new rate will apply to the chargeable period which began on 1 November.

“I and my officials will continue to monitor the implementation of this new tax.”

The Journal attempted to contact Revenue for further detail on the 50,000 initially identified and the final figures deemed eligible for tax.