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re: Where will the Co Co Get the money

Posted by jj on December 08, 2012 at 20:01:52:

In Reply to: Where will the Co Co Get the money posted by Teach Hunter MIPAV on December 07, 2012 at 12:39:16:

For clarity,

The exemptions for the new Property Tax are very similar to those for the Household Charge – with a couple of extra ones to compensate home buyers for some of the the loss of mortgage tax reliefAll owners of residential property will be liable (Not Tenants) – with the following properties being exempt:A  residential property that is used wholly as a dwelling and is liable to commercial rates is exempt.A  property that was formerly the sole or main residence of the owner but that has been vacated by its owner due to long-term mental or physical infirmity and where no other person occupies the property   – is exemptRegistered nursing homes are also exempt.Residential properties, that were constructed by a builder or developer but remain unsold and have not yet been used as dwellings are exemptResidential properties that are owned by a charity or a public body and used to provide accommodation to persons with disabilities or the elderly to enable them to live in thecommunity are exempt ( A ‘‘charity’’ must be granted an exemption for tax purposes by the Revenue Commissioners to avail of this exemption.)Houses in certain unfinished developments  as prescribed by law are exempt. (A list will be published – and it will not be the same properties as in 2012)New or previously unused properties that are purchased between 1 January 2013 and the end of 2016 will be exempt until the end of 2016Second-hand properties  purchased a) by someone who would have been eligible for Mortgage Interest Relief  (prior to it being withdrawn from Dec 2012) and b)   between 1 January 2013 and 31 December 2013   …..will be exempt until the end of 2016 .Properties owned by Local Authorities or Social Housing providers  will not be exempt unless it is provided to people with special housing needs such as the elderly or people with disabilities. Liability will rest with the local authority or social housing organisation as owner.So – we will have the situation where Revenue will be sending property tax demands to local authorities for a tax  – some or all of which will eventually be paid to the local authority .

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