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Clare Auctioneer Claims Residential Zoned Land Tax Already Returning Land To Housing Market

A Clare Auctioneer claims the forging ahead of the Residential Zoned Land Tax is already resulting in land being returned to the market for housing developments.

Introduced in Budget 2024, the tax was deferred by a year, with the first payment now due on May 23rd of this year to the sum of 3% of the lands residential value, as of February 1st.

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Diarmuid McMahon from Sherry Fitzgerald McMahon in Ennis claims this approach from government which is more stick than carrot is now forcing landowners to make decisions about offloading land.

He says although the finer details are causing confusion at this early stage, the introduction of the tax is having the desired impact.

You can listen to the full interview here:

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