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New Property Tax In Ireland

“Kathleen, it appears that property taxes in Ireland are even more expensive than they are in the United States. Is that true?”

–Linda M., United States

Nope, not true. In fact, until recently, Ireland imposed no property tax on residential property.

However, property tax was introduced this year. All eligible property owners must make a half-year payment for 2013. From 2014, the full amount must be paid annually. The amount you’ll pay depends on the value range your property falls within. The tax schedule is divided into 20 bands, so that the lowest amount payable is 90 euro per year for property valued at less than 100,000 euro. A property worth 500,000 euro is subject to tax of 855 euro annually. If your home is worth more than 1 million euro, you’ll pay 0.18% tax on the first million and 0.25% on the balance. More information is here, in the government’s Local Property Tax Guide.

What you pay in the States varies by state, of course; however, these rates, as a percentage, are much lower than typical U.S. rates.

Continue reading: Best Places To Invest In 2014

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