THERE will be no change to the Local Property Tax (LPT) for Limerick homeowners in 2023, although some may get lower bills due to revaluation of their homes.
At a meeting earlier today, councillors voted in favour of keeping the LPT and its variation rate at 2022 levels for the next two years .
This means the LPT will be 15 per cent above the base rate for 2023 and 2024.
Homeowners in Band 1 will now pay €103; Band 2 will pay €258 and Band 3 will pay €362.
Consequently, many of Limerick’s homeowners will see a slight decrease in their Local Property Tax (LPT) bills next year.
The revenues collected by Limerick City and County Council will fall by €261,428, due to the overall re-valuation of homes and consolidation of bands by Revenue.
The re-organisation made to the LPT has resulted in almost all of Limerick homes now lying in the first three valuation bands, with 49.3 per cent in Band One; 25.9 per cent in Band Two and 15.7 per cent in Band Three.
Among the projects funded by the LPT this year were the purchase of Gritting Trucks and Road Sweepers, a hot pressure washer for footpaths, a velocity patcher to fix potholes and a chip spreader.
The LPT has also facilitated an increase in the amount of gully inlet works being carried out on Regional and Local Roads. Additional funds were also allocated to the fire service, library service and tourism development.
Public Realm improvements in Ballynanty, the Community Park in Castleconnell, Patrickswell Community Centre and the People’s Park were all funded by funds coming from the LPT.
Deputy Chief Executive and Head of Finance Sean Coughlan said the revaluation of local property taxes last year, means that while the tax remains unchanged, the revaluation will see a fall in the amount of local property tax that homeowners have to pay.”
“While there is a decrease in the revenues generated by LPT next year, our intention is to retain services at 2022 level is so far as possible.
“There are currently huge pressures in the economy from energy costs to inflation but we are looking at efficiencies across the Council as we form the budget for 2023,” Mr Coughlan added.