On 2 May 2014, the Minister for Finance announced that the scope of two Local Property Tax (LPT) reliefs in relation to residential properties that are occupied by certain disabled and/or incapacitated individuals would be extended with effect from 1 July 2013. The extension is intended to correct anomalies and inequities that had been identified in the operation of the reliefs and, pending the enactment of further legislation, Revenue will operate the new rules on an administrative basis. The two reliefs are:
- A reduction in the chargeable value of a property that has been adapted to make it more suitable for occupation by a person with a disability where the adaptation work has resulted in an increase in the chargeable value of the property to the extent that it moves into a higher valuation band, or, in the case of properties valued at over €1m, where the adaptation work has resulted in any increase in the chargeable value.
- A full exemption from the charge to LPT for properties that have been constructed or acquired because of their suitability for occupation by individuals who are permanently and totally incapacitated to such an extent that they are unable to maintain themselves and whose condition is so severe that it dictates the type of property that they can live in. The exemption also applies to properties that have been adapted to make them suitable for occupation by such individuals.
For more details on this issue, please visit the following link….