Deadline for Limerick people to check liability for residential zoned land tax

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Timeline for the Residential Zoned Land Tax.

LIMERICK people have until New Year’s Day to check if their property will be subject to the new Residential Zoned Land Tax and to make submissions on draft maps published by Limerick City and County Council last Wednesday.

The Residential Zoned Land Tax was announced in the budget and is a new tax aimed at increasing housing supply by activating zoned, serviced residential development lands, including mixed-use lands, for housing.

Greenfield and brownfield land that is zoned for housing, including land zoned mixed-use, will be subject to tax from 2024.

The draft maps, showing the areas that will be subject to the tax, are now available to view on Limerick.ie and in the Council’s public offices in Merchant’s Quay, Dooradoyle, Rathkeale, Newcastle West and Kilmallock.

Landowners and third parties have until New Year’s Day to make a submission to the council about whether or not land on the maps meets the criteria for being subject to the tax.

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They can make a suggested correction to the maps if they feel the land included on the map does not meet the criteria, or they disagree with the date on which the maps states the land met the criteria.

They can also request a change of zoning of their land so that it is not subject to the tax or identify other land that should be subject to the tax.

Urging people to assess the draft maps, Council Director of Economic Development Vincent Murray said that Limerick requires increased housing supply and the new tax aims to incentivise landowners to develop housing on serviced lands zoned for housing

The Residential Zoned Land Tax, which will be administered on a self-assessed basis, will apply annually at a rate of three per cent of the market value of the land.

Homeowners will not have to pay the tax if they own a residential property which appears on the tax maps, but is subject to the Local Property Tax (LPT).

If a homeowner owns such a residential property, and the land/ gardens/ yards attached to it are greater than 0.4047 hectares, they will have to register for the Residential Zoned Land Tax with the Revenue Commissioners, but they will not be liable to pay the tax.

It will be possible to register for the tax from late 2023 onwards.

A homeowner may have to pay the tax if they own a residential property that appears on the local authorities’ Residential Zoned Land Tax maps that is not subject to the LPT.

More information here