Property Taxes

According to the Nevin Economic Research Institute (NERI), property taxes should be raised drastically to diversify tax revenue sources and to address issues of rising wealth inequality. As the government prepares its 2020 budget for 2020, increasing property tax is considered.

The trade union affiliated think-tank proposed ideas that represent a major shift in the tax system and the Government has always manages to neglect changing property taxes because of the associated political unpopularity.

Currently, the Government collects much less property tax revenue than most other European Union countries. Revenue from property taxes equates to only 23.3% of gross domestic product (GDP), while the average tax revenue in the EU amounts to 38.9% of GDP. In comparison with the rest of the EU, Ireland is much more dependent on VAT and excise tax revenues. VAT and excise tax generally have a greater negative impact on the less well off than the impact on wealthy.

Property taxes are the most difficult for the extraordinarily wealthy to avoid according to NERI’s senior economist Tom McDonnell. He continued to denote that underlying assets …

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TV3 The Morning Show, with Sybil & Martin, ‘Property Watch’

We were on TV3 again talking to Sybil & Martin about the Irish property market, the cancellation of TRS for people who aren’t paying their mortgage and of course about property tax! Angela Keegan from MyHome was there, they have a nifty property tax calculator (here) and we also mentioned how Revenue have the power to ‘attach’ which is something many people don’t know about.

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