Big news for Waterford homeowners as council agrees to fix LPT rate for next five years
Decision is expected to yield an additional €515,000 for the council next year
Elected members of Waterford City and County Council have agreed to fix the Local Property Tax at 15% above the base rate for the next five years.
This is the first significant 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 across the city and county.
According to the local authority, the decision is expected to yield an additional €515,000 next year, and will result in minimal financial impact on the majority of homeowners.
For example, for the more than half of Waterford households, whose homes fall within the lowest LPT property band, they will see an increase of just €4.50 in the LPT for next year 9 cent per week.
Welcoming the council decision, Mayor of Waterford City and County, Cllr. Jason Murphy said: “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, stated: “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 five 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.”
Currently, only home owners are liable for payment of the Local Property Tax. Tenants in social or private rented housing are do not pay LPT.