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Vacant home tax

A new Vacant Homes Tax (VHT) is to be introduced in 2023. The VHT will be self assessed and implemented by Revenue Commissioners.

The “the primary objective” of the tax is to “change behavior rather raise revenue” says Minister for Finance Paschal Donohoe.

Budget documents say the measure “seeks to achieve an appropriate balance between incentivising owners of vacant homes to bring their properties back into use and not penalising homeowners for temporary vacancy.

Properties will be deemed as vacant if they have been left unoccupied for 30 days or more in a 12 month period. The tax will be calculated as three times that of the property’s present Local Property Tax.

Exemptions of VHT include

  • If a property has been recently sold or listed for sale or rent
  • If a property has been left vacant due to the occupiers health
  • If a property is vacant due to significant refurbishment work

Owners of vacant homes must submit an annual return each year stating that their residential properties were unoccupied throughout the relevant 12-month period, indicating the local property tax valuation that applies to the home. This will be used to assess their VHT liability. VHT will not apply to derelict properties or other properties that are ill-suited for use as a dwelling. The yield of the VHT is estimated at between €3 million and €4million per year.

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