LAST UPDATE | 19 mins ago
THE ECONOMIC & Social Research Institute has said the proposed residential zoned land tax should be implemented without delay.
The ESRI today released its Quarterly Economic Commentary for Autumn 2024 and noted that the land tax has been identified as a means to target “land hoarding in the residential market”.
It said that reducing the cost of residential land is “one practical way the Government can improve the efficiency and productivity with which housing is supplied to the market”.
Residential Zoned Land Tax will be targeted at unused land, which has been zoned or classified as a site for housing.
The tax would include mixed-land sites, where other services may also be built on the site, and the rate is set at 3% of the land’s market value.
The market value is self-assessed by the landowner.
While Green Party leader Roderic O’Gorman last month acknowledged that the 3% rate was …