What Should They Know About

Those who have gardens that are larger than one acre are required to register with their respective local councils, but thanks to the new regulations, they will not be required to pay any fees.

Each and every week, Mansion Global goes to real estate tax attorneys and asks them a question about taxes. Take a look at the question for this week.

Where do I stand in relation to the recently implemented Residential Zoned Land Tax in Ireland?

A: Beginning in February 2024, a new Residential Zoned Land Tax, also known as RZLT, will be implemented as part of the government’s efforts to combat the housing crisis in Ireland. This tax will be applied to land and sites that are zoned for housing development and have access to essential infrastructure, such as water supply, roads, and lighting, but are currently being left unused.

“This innovative tax is aimed at development companies or property investment funds that are holding land that is ready to be built on and that already has zoning and infrastructure in place,” the executive said. Mark Regan, a partner at Regan Solicitors, a law firm in Dublin, stated that the purpose of the legislation is to ensure that land hoarding is not allowed. In order to determine whether or not the penalty will be adequate to accomplish the goal, the question will be asked.

In spite of the fact that the tax is not directed toward homeowners, they are required by law to register with their respective local councils if they own residential properties that have a garden or yard that is larger than one acre. In the event that the land in question is attached to a private residence and is utilized as a garden, registered owners will not be required to pay the current tax.

“In many ways, the name of the tax is misleading because it is aimed at green- and brown-filled vacant sites, not actual residences,” Mr. Regan said. “The tax is intended to be paid by empty lots.” “If a property is currently subject to the Local Property Tax that is in effect, then it is considered a residential property and is not subject to RZLT.”

The maps of all residentially zoned land that are located within the boundaries of the local authorities have been being prepared, and they are scheduled to be published by the first of May. They will be accessible for viewing on the websites of the local authorities or at the public offices of those authorities. In the time leading up to the publication of a final map of land that is subject to RZLT in December of next year, landowners will have the opportunity to appeal decisions that they do not agree with and submit suggestions for changes to be made to the updated maps.

In the event that you are the owner of land on February 1, 2024 and it is included on the final RZLT map, Mr. Regan stated that you are required to make payments equal to three percent of the land’s market value on an annual basis. Self-assessment of the valuation is required of the landowner, who is also required to file a tax return by the deadline of May 23, 2024.

“There is a sufficient transition period to seek advice on specific sites and to make submissions,” he said. “There is currently a transition period.” Everyone who has any reason to believe that they might be affected ought to seek the appropriate legal advice.

Local authorities are responsible for publishing RZLT maps on an annual basis. The preliminary maps for the year 2025 were released on February 1st, 2024. Before the first of April in 2024, you have the opportunity to submit a proposal regarding land that ought to be added or removed.

By the 31st of January in 2025, the final map for the year 2025 will be published.

If your residential property is displayed on the map, you do not need to make a submission to remove it if the property is subject to Local Property Tax. This is because the property will not be subject to RZLT if it is shown on the map.

You have the right to appeal the decision of a local authority if you are a landowner and you make a submission. If you do not agree with the decision, you can challenge it.

Unless the land in question is property that is exempt from paying RZLT, you are required to pay RZLT if it is included on the final RZLT map and you are the owner of the land on the liability date.

RZLT does not apply to residential properties that are already in existence. If the property in question is subject to Local Property Tax, then it is considered a residential property, and you are exempt from paying RZLT property tax on it.

If your residential property has a garden or yard that is larger than 0.4047 hectares (1 acre) and is included on the RZLT map, you are required to register for RZLT; however, you are exempt from paying the tax on the garden or yard.

What Should They Know About

By ki0nk

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