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Buyers Beware, maybe no LPT till 2017 !

Knocknagee
Knocknagee

You may be exempt from Property Tax!

New legislation in relation to the Local Property Tax (LPT) may be of interest to buyers who will complete their house purchases between now and 31 December 2013.

The LPT legislation provides for two relevant exemptions:

1)      An exemption in respect of new houses purchased from a builder or property developer, and

2)      An exemption for buyers of any house whether new or second-hand, where the house is then occupied as the buyer’s sole or main residence.

The first exemption applies for all years up to and including 2016. Where the property is sold, any subsequent purchaser gets the benefit of the exemption for those years.

The second exemption also applies up to 2016 but only as long as the house is occupied as the purchaser’s sole or main residence. The exemption cannot pass to any subsequent purchaser. Please note that the exemption benefits any buyer. The result is that a person who purchases a second hand house before the end of the year and occupies it as a sole or main residence is entitled to the exemption.

A number of people who bought properties during 2013 and are using them as their sole or main residence may have paid LPT for 2013 and are now entitled to a refund of LPT. Please contact the Revenue Commissioners if you bought your main residence earlier this year and paid LPT.

Eoin Kehoe is the owner of Kehoe Auctioneers, a long established family estate agency and auctioneering firm based in Carlow town.

on Tuesday, November 19, 2013 in Mortgages, Property sold, Trivia

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