Apparently it’s been with Minister for the Environment, Community and Local Government Phil Hogan since June 2012, and despite Opposition politicians pestering for its publication, it is only today, after the Budget 2013 announcements that it has finally been published and it is available here. You might also find it useful to consult the Budget 2013 Annex on the property tax published yesterday.
The above table shows some hard data which is apparently based on research work undertaken for the “expert group” – in reality, an interdepartmental group of civil servants with quango-king, Don Thornhill guiding them – by Ireland’s ESRI who have apparently estimated the distribution of property values. The above looks very surprising indeed with just 0.04% of properties estimated to be worth more than €1m and given the estimates earlier in the report of 1.6m eligible homes, that would equate to 640 properties. And if the tax yield at 0.1% was €0.7m, that would mean the 640 homes were worth €700m or €1.1m average each. Doesn’t feel right, but the ESRI research hasn’t been published, but has been requested by here from the Department of the Environment.
The group apparently considered nearly 200 submissions from organizations and individuals. Two recommendations appear not to have been adopted yesterday.
(1) There was a recommendation that for year 1, 2013, local authorities would be able to vary rates by 10%. This transformed to 15% in Budget 2013 but won’t be implemented until 2015
(2) The existing second home tax of €200 was to be added to the property tax, but Minister Noonan says that from 1st January 2014, the second home tax will be replaced by the property tax, which means that 2nd home owners get a benefit when compared with the recommendation in the report.
Why the Government didn’t publish this report for six months remains a curiosity.
UPDATE (1): 7th December 2012. The Government has published what appears to be quite a detailed Property Tax Bill here, and it is understood that the plan is to push it through before Christmas.
UPDATE (2): 7th December 2012. The ESRI report upon which parts of the Thornhill report are based, has been made available and is here.