First time buyers are exempt from property tax until 2016!

property-tax-exemption

First Time Buyers: Pay no property tax until 2016 if you buy before the end of 2013!

First time buyers who purchase a property in 2013 will not have to pay the property tax until the end of 2016. The incentive is to replace the Mortgage Interest Relief scheme which ended December just gone. This means that anyone who buys a home before the end of this year will spare themselves 3 and half years property tax charges. And the savings over that period of time are significant.

The tax will be levied at 0.18% of the properties value. The Revenue has devised 20 valuation bands for the purposes of calculating how much owners will pay from the 1st July 2013. The lowest band starts at properties valued under or at €100,000. Then each of the subsequent 19 bands is split into €50,000 tranches up to €1 million.

As 85% to 90% of homes liable for the charge are within the first five bands (up to €300,000), most homeowners are going to pay up to €500 for a full year. This means that a first time buyer who purchases a home before the end of 2013 could save up to €1,750 by not having to pay property tax until 2016.

If you wish to get the most out of the property tax exemption, now is the time to apply for a mortgage – and our mortgage advisors are here to help you get the best deal on your loan. Applying is so easy: you can make a formal application online or request a call back. We’re also just a phone call away if you want to have a chat with our mortgage advisors now on 1890 746 759.