Notices of the annual public consultation on local property tax should be published by local authority areas in mid July. The 30 day consultation period allows for written submissions from the public on whether to vary the basic LPT rate in September.
Under legislation, Local Authorities are permitted to vary the basic rate of LPT upwards or downwards on residential properties in their administrative area. This is done by availing of the local adjustment factor to change the basic rate of LPT. Ennis Chamber is currently engaging with Clare County Council on this issue.
The fact that Local Authorities may cut the LPT by up to 15% is a significant issue as it will leave some Local Authorities underfunded and may result in a reduction in services or an increase in business rates to make up any shortfall. We believe that increasing rates for already struggling local businesses could contribute to business closures, job losses and ultimately a lower rates base for local authorities in the long term.