The Local Property Tax was introduced in the 2012 budget and replaced the Household Charge.
The current rate of LPT is 0.18% for properties up to a market value of €1 million. Properties valued over €1 million are assessed at the actual value at 0.18% on the first €1 million in value and 0.25% on the portion of the value above €1 million.
The amount due is based on the valuation of the house on the 1 May 2013. Property values are organised into valuation bands of €50,000 increments. The tax liability is calculated by applying the tax rate to the median value of the band. For example, a house valued at €230,000 would fall into the €200,001 to €250,000 band. The median value is €225,000 so the amount due is €405.
Some local authorities (listed below) have reduced the LPT rate for 2015 by up to 15%.
Louth County Council: 1.5%
Limerick City and County Council, Longford County Council, Mayo County Council, Westmeath County Council: 3%
Kildare County Council: 7.5%
Cork County Council, Cork City Council: 10%
Clare County Council, Dublin City Council, D/L Rathdown County Council, Fingal County Council, South Dublin County Council, Wicklow County Council: 15%