What does budget 2023 mean for the property industry?
The minister stated that housing is the central challenge facing the country over the next number of years. In budget 2023, measures have been introduced and/or extended to help reduce certain costs facing the property sector.
Measures to assist renters and home buyers
Rent Tax Credit
A new tax credit for renters of €500 a year has been confirmed.
The credit may be claimed per person in respect of rent paid in 2022 and will also apply for 2023 and subsequent tax years.
The Help-to-Buy scheme has been a significant support to first time buyers since its introduction in 2017, with 35,000 people benefitting under the scheme. The scheme was due to end in 2022 but now it will be extended in its current form to the end of 2024. Under the Help to Buy Scheme, First Time Buyers can avail of up to €30,000 tax rebate. See our range of New Homes For Sale in Limerick.
Pre-letting residential expenses
Pre-letting expenses for landlords doubled to €10,000 and the time a property must be vacant reduced from 12 to 6 months.
Residential Zoned Land Tax
New Residential Zoned Land Tax; Residential development stamp duty refund scheme is being extended to the end of 2025.
Vacant Homes Tax
Vacant Homes Tax introduced that will apply to homes occupied for less than 30 days a year and charged at a rate three times the Local Property Tax of the property
Defective Concrete Products Levy
A new levy of 10% on certain concrete products at point of first supply.
Living City Initiative
Extensions of the Living City Initiative to December 31, 2027.