A leading property development firm has expressed confidence that the introduction of the Residential Zoned Land Tax will help ramp up housing construction in Clare.
The annual tax, which was introduced as part of the Finance Act 2021 is calculated at a rate of 3 per cent of the market value of land and aims to encourage landowners to develop serviced residential lands already zoned for housing.
Fitzpatrick & Heavey Homes has pledged to fully cover the tax on any residentially zoned land it purchases and is actively seeking sites for development, particularly in Clare, as part of its expansion strategy.
CEO Ciaran Fitzpatrick admits landowners are concerned about the tax and while he believes a review may be warranted at the end of the year, the tax will have a positive effect on housing development and employment in this county.
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