Councillors vote to raise property tax for Waterford householders
Property investment and house mortgage financial concept, Hand putting money coin stack with wooden house
At its Plenary meeting held today, October 10, Waterford City & County Council agreed to set the Local Adjustment Factor for the Local Property Tax (LPT) from the existing 10%, to 15% above the base rate, and to fix this rate for the next five years.
A statement from Waterford City and County Council, issued after the decision was taken by the 32-member Plenary Council, said: "This is the first big decision that the Council has taken as part of its preparations for the 2025 budget, and is aimed at providing greater financial certainty for both the Council and homeowners.
"The decision is expected to yield an additional €515,000 from the LPT for the Council next year, and will result in minimal financial impact on the majority of homeowners."
The statement outlined that for "more than half of Waterford households", whose homes fall within the lowest LPT property band, they will see an increase of €4.50 in the LPT for next year. This, Council stated, would equate to "less than 9 cent per week, representing exceptional value considering the wide range of services funded by the LPT".
Mayor of Waterford, Cllr. Jason Murphy (Fianna Fáil) said: “I welcome the decision made today to fix the LPT rate for the next 5 years.
"With an extremely modest increase for the majority of households, this decision strikes the right balance between maintaining affordability and ensuring we have the necessary resources to continue delivering and improving vital local services for the people of Waterford.”
Bernard Pollard, Head of Finance added: “The additional revenue generated from the LPT is needed to fund the rising costs of service delivery.
"By fixing the LPT rate for the next 5 years, the Council have not only addressed short-term needs, but have made a strategic decision to secure funding that will help us maintain and improve local services, invest in community projects and progress initiatives that make Waterford a great place to live, work, visit and do business.”
The statement added: "Only home owners are liable for payment of the Local Property Tax - tenants in social or private rented housing do not pay LPT."
