To the Lord Mayor and Members of Dublin City Council Report No. 218/2020 Report of the Chief Executive Consideration of the Local Property Tax Local Adjustment Factor in respect of the Financial Year 2021 ______________________________________________________________________ 1.0 Executive Summary This report recommends that, in the context of the large gap between viable funding and demand for services, the Elected Members move from applying a 15% reduction in the LPT basic rate to applying a 15% increase on the national basic rate thereby providing an estimated €24.1m in additional funds. 2.0 Introduction Information is presented having regard to the requirements set by the Minister for Housing, Local Government & Heritage in relation to format and content. Report 216/2020 deals with the consideration of a Budget Strategy for Dublin City Council for the financial year 2021. This is in advance of the consideration by the Elected Members of the draft 2021 Annual Budget at the Statutory Budget meeting on 23rd November 2020. Having considered the issues relevant to the LPT variation, the Elected Members must, by resolution: • • • Decide to apply the national LPT Basic Rate or to vary it If appropriate, decide the value and direction of variation Note that in the event that the Minister is not informed of a decision within the statutory timeframe, it will be interpreted that the LPT rate is applied at the national LPT Basic Rate until the following year. 3.0 Financial Assessment 3.1 Movements in Property Valuation The original construction of the LPT provided that from 1st November 2016, liability for subsequent years would be based on valuations in the preceding November. The property valuation aspect of the tax is not correlated to movements in income. The City Valuer has advised that over the period May 2013 – May 2020, residential property valuations in Dublin City rose by an average factor of 87% with a range of increases across areas in the City from 48% to 160%. In broad terms, those areas which experienced the most severe property price reductions during the economic downturn have experienced the largest property price increase as the economy recovers. The Finance (Local Property Tax) (Amendment) Act 2015 provides that LPT related property valuations will be based on May 2013 valuations. A decision on the valuation date has been deferred until 1st November 2020. 3.2 Impact of LPT Variation on liable households A further aspect of the consideration by the Elected Members is the impact of a variation to the Basic Rate of LPT on liable households. Circular Fin 12/2020 (Appendix 1 attached) sets out an analysis of property valuation bands in Dublin City as provided by the Revenue Commissioners. Appendix 2 sets out a schedule of the impact of variations in the LPT in Dublin City on property valuation bands, in respect of increases of between 1% and 15% and of decreases between 1% and 15%. For example, should the LPT local adjustment factor be applied to increase the Basic Rate by 15%, then the LPT liability in respect of a property valued in May 2013 at €230k would increase from €405 to €465.75 (i.e. by €60.75). Should the LPT local adjustment factor be applied to decrease the Basic Rate by 15%, then the LPT liability in respect of that property would decrease from €405 to €344.25 (i.e. by €60.75). 3.3 Financial Position of Dublin City Council The financial position of Dublin City Council, in the format prescribed by the Minister is set out in Appendix 3. 3.4 Application of LPT Funding in 2020 Information directing how Dublin City Council’s 2020 LPT allocation has to be spent as determined by the Department of Housing, Local Government & Heritage is set out in Appendix 4. 3.5 Impact on Dublin City Council LPT Related Funding in 2021 Circular Fin 12/20 (Appendix 1) gives a provisional LPT allocation for Dublin City Council. LPT receipts in respect of Dublin City householders in 2021 are estimated at €81.7m. In gross terms, before deductions to the equalisation fund or the substitution of LPT receipts for government grants for housing and roads, this amounts to an increase of €1.356m between 2020 and 2021. The transfer of Dublin LPT receipts to the central equalisation fund will increase in 2021 by €271k to €16.3m. The value of Dublin LPT receipts directed to fund housing and roads services previously funded by government grants will increase in 2021 by €813k to €29.9m. This accounts for €1.084m of the €1.356m increase. Owing to the specifics of the LPT framework, Elected Members are reminded that any reduction in the basic LPT rate will detract from the remaining increase in funds of €272k. A 5% reduction in the national LPT rate would reduce the increase in funds to €204k, a 10% reduction to €137k and a 15% reduction to €68k. By contrast an increase to the basic LPT rate will increase funds. 4.0 Local Property Tax (LPT) 4.1 Commencement of LPT The Local Property Tax was introduced under the Finance (Local Property Tax) Act 2012. Liability for the tax commenced on 1st July 2013. The value of the Local Property Tax liability is determined by the property valuations of liable properties. The tax is payable on most residential properties with limited exceptions. 4.2 Control of LPT The LPT is collected by the Revenue Commissioners and transferred to the Local Government Fund, under the control of the Department of Housing, Local Government & Heritage. LPT payments are not collected by and retained by local authorities. The Local Government Fund was established in 1999 with the purpose of ‘providing local authorities with the finance for general discretionary funding of their day-to-day activities and for nonnational roads, and funding for certain local government initiatives’. The Local Government Fund was initially based on monies from motor tax receipts and the Exchequer (i.e. tax receipts). All monies within the fund were allocated to the provision of local government services. The Exchequer contribution to the Fund ceased in 2012 and a contribution has since been made from the Local Government Fund to the Exchequer. Motor tax receipts no longer fund the Local Government Fund. 4.3 Consideration of Basic Rate The national Basic Rate of LPT is determined as the product of the midpoint of the valuation band, multiplied by the appropriate rate. Valuation bands are established as commencing with €1 - €100,000, thereafter increasing in units of €50,000 up to €1m, after which the additional value over €1m is multiplied by a higher rate. Two rates apply; firstly a rate of 0.18% is applied to the midpoint of the relevant valuation band for properties valued in between €1 and €1m. For properties valued in excess of €1m, the rate of 0.18% applies to the chargeable value of up to €1m without reference to a midpoint, and a rate of 0.25% applies to the remainder of the chargeable value exceeding €1m. The passing of a resolution for the application of a local adjustment factor to the Basic Rate LPT is a Reserved Function, considered annually. Elected Members must decide whether that variation is upwards or downwards and the value within a band of no more than 15% more or less than the Basic Rate. A local adjustment factor cannot be in excess of 15% of the Basic Rate. Table 1 sets out the impact of increases in the basic LPT rate at 15, 10 and 5%. Table 1 – Impact of increase in basic LPT rate LPT Bands Percentage of properties in each band No. of properties in each band LPT basic rate (0.018) LPT 5% increase (0.0189) LPT 10% increase(0.0198) LPT 15% increase (0.0207) €0 - €100000 €100001 - €150000 €150001 - €200000 €200001 - €250000 €250001 - €300000 Over €300000 13.30% 19.90% 20.60% 16.10% 8.80% 21.30% 30,430 45,531 47,133 36,837 20,134 48,734 €90.00 €225.00 €315.00 €405.00 €495.00 €94.50 €236.25 €330.75 €425.25 €519.75 €99.00 €247.50 €346.50 €445.50 €544.50 €103.50 €258.75 €362.25 €465.75 €569.25 If an increase of 15% to the basic rate is applied, then the change from a 15% reduction for each household is: per annum or per week: €90.00 €27.00 €0.52 €225.00 €315.00 €67.50 €94.50 €1.30 €1.82 Additional funding for services of €24,089,548 €405.00 €121.50 €2.34 €495.00 €148.50 €2.86 Details of the numbers of properties in Dublin City Council across the valuation bands as advised by the Revenue Commissioners is also set out in Table 1 above. • Almost 54% of residential properties in Dublin City are valued for LPT purposes at €200k or less. The additional charge arising from a 15% increase above the basic rate would be at most €1.82 per week or €94.50 per annum. • Almost 70% of residential properties in Dublin City are valued for LPT purposes at €250k or less. The additional charge arising from a 15% increase above the basic rate would be at most €2.34 per week or €121.50 per annum. • Almost 79% of residential properties in Dublin City are valued for LPT purposes at €300k or less. The additional charge arising from a 15% increase above the basic rate would be at most €2.86 per week or €148.50 per annum. 4.4 Redistribution The Department of Housing, Local Government & Heritage operates a process of redistribution of funds within the Local Government Fund. The Department previously operated a needs and resources model which was intended to identify the needs of local authorities and align these needs to available resources. Notwithstanding the needs of Dublin City, both as the Capital City and in the context of having areas of high deprivation, Dublin City Council has not received funding through the LPT redistribution arrangements. 4.5 Public Consultation Process Dublin City Council consulted with the public in regard to the setting of a local adjustment factor. Report no 217/2020 provides details of the LPT Public Consultation Process undertaken. 5. 0 Funding for Services 5.1 Financial Outlook for 2021 The Covid 19 pandemic has resulted in a profound shock to our health, economic, social and household systems. The trading environment has altered significantly and Dublin City Council faces material financial issues as we seek to manage the outturn of the 2020 Budget along with the consideration of the 2021 Budget. Pre Covid, at a simplistic level, Dublin City Council sought to maintain and develop services in an environment with rising service provision costs and an expectation that there be no or low increases to Dublin City Council’s income base. There is an acknowledged absence of material funding for services through the LPT and the Council’s resource base has diminished owing to lost income on matters such as the Roads General Allocation, funding for nationally agreed pay agreements, Irish Water related rates and the Ambulance Service provided by Dublin Fire Brigade for the HSE. Post pandemic, the scale and impact of necessary measures taken to address the spread of the virus have had a telling impact on society, across all its strands. Dublin City Council is concerned for the health and wellbeing of all who work, live, visit or study in Dublin City. Our services assist communities and businesses alike and are part of the national effort to work through this situation. There must of course be due regard to the available financial resources to fund our services. In July, Government announced a Rates Waiver Scheme providing that the rate liability for quarters two and three in 2020 will be waived with funds to be paid to the Council in September 2020. There are some exceptions where ratepayers are not included in the scheme. These companies can make an exceptional application if they believe that certain criteria have been met. The scheme does not apply to quarter 4 2020. An objective review is required of the capacity of rate payers to meet full rates liabilities in 2021. There are other financial pressures in 2020 such as the loss of income, excluding rates. Examples are planning fees, parking charges, commercial and housing rents. The sum of these lost incomes is €25m (under review). A submission has been made seeking funding for this loss. Also funding is required for additional incurred pandemic related costs including PPE, IT, DFB, homeless, overtime and business continuity measures, cumulatively estimated at €41m. A further submission has been made seeking funding for these costs. Dublin City Council has taken measures in the current year to curtail expenditure where possible, with a programme of budget reductions totalling €26m underway, with €9m of the programme remaining to be agreed. The financing of housing capital programme requires considerable financial resources from Dublin City Council. In the 2020 budget the nonexchequer funded expenditure was financed through borrowing. It will be difficult to take on further borrowing costs in 2021 based on current circumstances. Key projects such as the Parnell Square Cultural Quarter and the North City Operations Depot have borrowing as part of the project funding framework. There have been enormous economic and fiscal shocks to Local Government. The level of available Government funding in 2021 is not known nor is the capacity of businesses to trade. In addition, current constraints due to Covid will significantly continue to impact negatively on goods and services income in 2021. All potential sources of funding must be explored. A financial review has been completed to assess the financial implications of movements in expenditure and income and the current assessment predicts a funding deficit of €39M and therefore to sustain current priority service levels, additional funding from LPT is critical to bridge the funding gap. Since its introduction in 2013, the LPT has been applied to householders in the Dublin City Area at 15% below the national basic rate. It is apparent that this approach has in effect penalised Dublin City Council when seeking other funding. Other income sources have been increased since 2013. An increase of 15% above the basic rate would bring €24.1m resources to fund services to support communities and businesses in 2021. 5.2 Variation to Basic Rate of LPT I have in the past, at successive budgets, recommended that the Elected Members apply the national basic rate i.e. do not apply a reduction, thereby providing an estimated €12m in additional funds. For 2021, the gap between available resources and service demand is so wide that my recommendation for 2021 goes beyond that of other years. The need for additional resources has never been more pertinent in terms of the absolute requirement for additional funding to support services, in contrast to the minimal impact on householders of the change. In doing so, the additional funds will support the 2021 service provision, limiting the need for service contractions. The Elected Members are urged to consider applying a 15% increase to the national LPT basic rate (resulting in an additional €24m.1 in funds) to support service provision. 6. 0 Recommendation of the Chief Executive I recommend that in the context of the large gap between viable funding and demand for services, the Elected Members move from applying a 15% reduction in the LPT basic rate to applying a 15% increase on the national basic rate thereby providing an estimated €24.1m in additional funds. Owen P. Keegan Chief Executive Dublin City Council 25th August 2020 Appendix 1 28 July 2020 Circular Fin 12/2020 Chief Executive cc. Head of Finance Provisional Local Property Tax Allocations 2021 – Dublin City Council A Chara, I am directed by the Minister for Housing, Planning, and Local Government to inform you that the provisional Local Property Tax (LPT) allocations from the Local Government Fund for 2021 have been agreed and Dublin City Council’s allocation is set out below and in Appendix 1(a) to this document. LPT allocations have been calculated using the Revenue Commissioners’ data on net declared liabilities of €483m post-variation in 2020 (as set out in Appendix 1(b) to this document). On a pre- variation basis, the full 2020 net declared liability amounts to €492m and this is the estimate applied to the provisional LPT allocations process for 2021. 2021 Baseline Every local authority is entitled to receive a minimum amount of funding under the LPT allocation process, known as the Baseline. Dublin City Council’s Baseline for 2021 is €19,095,592. Equalisation The local retention mechanism will continue in 2021. 80% of all LPT receipts will be retained within the local authority area where the Tax is raised. The remaining 20% of the Tax collected nationally will be re-distributed on an equalised basis to local authorities, within the context of the annual allocations of LPT, to ensure that all authorities receive, at a minimum, an amount equivalent to their Baseline. This 20% for equalisation will be based on the total expected level of LPT in each local authority area and will not be adjusted if the basic rate of LPT is varied. Based on its surplus position when expected 2021 LPT receipts are compared to the 2021 Baseline, Dublin City Council will not be in receipt of equalisation funding in 2021. Self-Funding Some local authorities will receive greater levels of funding in 2021 from the Local Government Fund as a result of local retention of LPT compared to their Baseline. Local authorities will have the surplus allocated in two ways:  Part of the surplus up to the equivalent of 20% of total expected LPT income (or the full amount of the surplus if that is less than 20%) can be used as additional income by local authorities for the authority's own use as part of their normal budgetary process; and  The remainder of the surplus, if any, will then be available to the local authority to fund services in the housing and/or roads areas thereby replacing Central Government funding for some of these services. Authorities are expected to continue providing such services regardless of the changed approach to funding. Based on its surplus position when expected 2021 LPT receipts are compared to the 2021 Baseline, Dublin City Council will be required to self-fund services in the Housing and Roads areas. The specific detail of the level of Central Government Voted grants funding to be provided to local authorities is a matter that will be considered, as normal, as part of the Estimates process. Provisional LPT allocation to Dublin City Council in 2021 The LPT allocation for Dublin City Council for 2021 (pending any decision to locally vary the basic rate) is €65,323,633. As a local authority that will be in receipt of 2021 LPT income in excess of the Baseline, Dublin City Council will be entitled to retain an amount of this surplus funding equivalent to 20% of the total expected LPT yield or €16,330,908 for its own use. Dublin City Council will be required to use the remainder of the surplus to self-fund some specified services in Housing and Roads areas to the value of €29,897,133. Details of the self-funding breakdown between Housing and Roads, capital and revenue will issue in a separate circular. Please refer to the table in Appendix 1(a), which sets out the basis for the allocation. Variation Every local authority has the power to vary the basic rate of LPT by up to 15%. It should be noted that if Dublin City Council decides to vary the LPT basic rate upwards in 2021; 100% of the resultant additional income will be available for the authorities’ own use. Similarly, if Dublin City Council decides to vary the LPT basic rate downwards (by up to 15%) in 2021, the resultant loss in LPT income will be reflected in reduced LPT funding to the authority. Local authorities are further reminded of their statutory obligations as set out in the Local Property Tax (Local Adjustment Factor) Regulations 2014 (S.I. Nos. 296 & 439/2014) which take account of relevant provisions in the Finance (Local Property Tax) Acts. Previous guidance circular Fin 08/2014 also refers. 2020 LPT Statistics and Property Valuation Bands 2020 LPT Preliminary Statistics and Property Valuation Bands were provided to this Department by the Revenue Commissioners. This information is being provided for statistical purposes only to assist in the consideration of the local adjustment factor for 2021 LPT. LPT statistics set out in Appendix 1(b) to this document outline the following:  2020 LPT Exempt (additional to declared liabilities)  2020 LPT Amounts Declared  2020 LPT Amounts Deferred  2020 Net LPT Position The projected amounts for 2020 LPT reflect any local decision to lower/increase the basic rate by the local adjustment factor in 2020, i.e. data provided is postvariation. This is of course subject to normal fluctuations that may be caused by transfers in property ownership and the on-going compliance campaign in operation by the Revenue Commissioners. In accordance with section 152 of the Finance (Local Property Tax) Act 2012, the Department also requested information in relation to property valuation bands for each local authority area from the Revenue Commissioners as set out in Appendix 1(c) to this document. Local Authorities will be advised of any further information once it becomes available. Is mise, le meas, Lorraine O’Donoghue Principal Local Government Finance Appendix 1(a) Dublin City Council - 2021 LPT Allocation (Pending any decision to vary the basic rate) € LPT 100% 81,654,541 LPT 20% towards Equalisation funding 16,330,908 LPT Retained Locally (80%) 65,323,633 2021 Baseline 19,095,592 2021 Surplus (LPT Retained Locally – 2021 Baseline) 46,228,041 Amount of Surplus to be retained for authority's own use (20% of basic rate of LPT income) 16,330,908 Balance of Surplus to Self-Fund Housing and Roads Services 29,897,133 46,228,041 Total LPT Funding to be provided in 2021 65,323,633 Value of potential increase or decrease in 2021 LPT Allocation for every 1% of variation implemented +/- 816,545 Appendix 1(b) - 2020 LPT Preliminary Statistics, post application of the 2020 Local Adjustment Factor as provided by the Revenue Commissioners Local Authority LPT 2020 Exempt LPT 2020 Declared LPT 2020 Deferred Net LPT 2020 Post Variation Carlow County Council €133,804 €4,346,344 €105,043 €4,241,302 Cavan County Council €152,125 €4,659,628 €119,655 €4,539,973 Clare County Council €262,801 €11,878,452 €218,628 €11,659,825 Cork City Council €647,118 €21,388,158 €325,553 €21,062,606 Cork County Council €912,664 €33,965,387 €543,922 €33,421,466 Donegal County Council €313,334 €13,218,775 €354,846 €12,863,929 €2,507,464 €70,562,219 €1,155,859 €69,406,360 Dún Laoghaire-Rathdown CC €1,412,908 €44,596,077 €554,369 €44,041,708 Fingal County Council €1,071,560 €34,847,753 €605,613 €34,242,141 Galway City Council €162,040 €8,408,777 €94,680 €8,314,097 Galway County Council €383,993 €14,943,035 €267,446 €14,675,590 Kerry County Council €417,852 €15,958,929 €248,150 €15,710,780 Kildare County Council €614,503 €23,780,409 €439,744 €23,340,666 Kilkenny County Council €339,172 €8,852,523 €169,398 €8,683,125 Laois County Council €162,554 €5,685,236 €139,014 €5,546,222 Leitrim County Council €98,666 €2,551,657 €49,014 €2,502,644 €573,800 €18,688,225 €365,564 €18,322,661 Longford County Council €102,172 €2,645,388 €67,249 €2,578,140 Louth County Council €254,510 €9,950,122 €286,628 €9,663,495 Mayo County Council €232,965 €10,648,065 €202,455 €10,445,610 Meath County Council €467,830 €17,943,050 €414,540 €17,528,510 Monaghan County Council €109,837 €4,547,465 €110,309 €4,437,156 Offaly County Council €410,461 €5,853,398 €157,933 €5,695,466 Roscommon County Council €135,493 €4,769,128 €96,598 €4,672,530 Sligo County Council €158,945 €6,254,129 €102,810 €6,151,320 South Dublin County Council €241,155 €27,692,019 €604,077 €27,087,942 Tipperary County Council €625,471 €13,530,338 €274,648 €13,255,690 Waterford City and County Council Westmeath County Council €283,659 €10,317,667 €210,703 €10,106,964 €167,073 €6,629,150 €144,968 €6,484,183 Wexford County Council €374,735 €13,949,444 €361,332 €13,588,113 Wicklow County Council €508,163 €19,424,170 €396,088 €19,028,082 €14,238,827 €492,485,117 €9,186,828 €483,298,289 Dublin City Council Limerick City and County Council Totals Note 1: This analysis is preliminary; there is a small element of estimation in regard to the distribution of amounts by Local Authority. Note 2: The LPT Declared amount includes declared amounts from returns filed to date, deferred amounts and amounts due on foot of instructions sent to employers and pension providers to collect LPT by way of mandatory deduction at source. Note 3: The figures include LPT amounts for properties owned by Local Authorities and Approved Housing Bodies. Note 4: The exemption amounts set out above are based on claims made and will be subject to certain verification checks. In addition, the full effects of exemptions are not reflected in the statistics as where an exemption was claimed, the property owner was not always required to value their property. Appendix 1(c) - LPT Valuation Bands provided by the Revenue Commissioners LPT 2020 Valuation Bands 0100,001- 150,001- 200,001- 250,001- Over 100,000 150,000 200,000 250,000 300,000 300,000 Carlow County Council 39.8% 37.5% 17.5% 3.2% 1.0% 1.0% Cavan County Council 53.5% 37.5% 6.8% 1.4% 0.4% 0.4% Clare County Council 39.0% 35.3% 17.7% 4.9% 1.7% 1.3% Cork City Council 22.0% 29.1% 26.0% 12.8% 4.7% 5.3% Cork County Council 28.8% 27.3% 27.0% 10.2% 3.3% 3.3% Donegal County Council 51.1% 39.4% 6.7% 1.8% 0.6% 0.5% Dublin City Council 13.3% 19.9% 20.6% 16.1% 8.8% 21.3% Dún Laoghaire-Rathdown CC 5.9% 3.0% 10.3% 13.5% 11.9% 55.5% Fingal County Council 13.2% 17.7% 24.5% 16.0% 10.2% 18.4% Galway City Council 20.2% 32.1% 26.8% 10.9% 4.2% 5.7% Galway County Council 37.0% 31.7% 22.2% 5.1% 1.9% 2.0% Kerry County Council 32.3% 32.7% 26.6% 5.2% 1.8% 1.5% Kildare County Council 20.5% 23.0% 28.4% 16.4% 5.8% 5.9% Kilkenny County Council 31.3% 35.9% 23.2% 5.6% 1.7% 2.2% Laois County Council 43.3% 42.1% 10.3% 2.5% 0.9% 0.9% Leitrim County Council 60.8% 34.1% 3.8% 0.9% 0.2% 0.2% Limerick City & County Council 36.5% 32.0% 21.1% 6.0% 2.4% 2.0% Longford County Council 62.1% 32.4% 4.2% 0.8% 0.3% 0.2% Louth County Council 37.2% 31.9% 21.1% 6.0% 2.0% 1.8% Mayo County Council 44.4% 38.1% 13.3% 2.4% 0.9% 0.9% Meath County Council 22.5% 28.2% 27.2% 12.5% 5.0% 4.6% Monaghan County Council 43.1% 42.0% 11.6% 2.2% 0.7% 0.5% Offaly County Council 41.0% 37.6% 17.0% 2.6% 0.9% 1.0% Roscommon County Council 57.4% 34.8% 5.7% 1.2% 0.4% 0.5% Sligo County Council 44.7% 32.7% 16.0% 3.9% 1.3% 1.4% South Dublin County Council 16.3% 17.3% 25.2% 16.8% 8.7% 15.7% Tipperary County Council 39.3% 35.7% 18.6% 4.0% 1.4% 1.1% Waterford City & County Council 40.6% 30.5% 19.8% 5.0% 2.1% 2.0% Westmeath County Council 41.0% 36.5% 16.6% 3.5% 1.3% 1.2% Wexford County Council 35.1% 36.7% 21.7% 3.8% 1.4% 1.3% Wicklow County Council 15.2% 18.7% 26.4% 18.6% 8.4% 12.7% Appendix 2: Schedule of impact of Variations in LPT in Dublin City on property valuation bands Impact of Increase in LPT in Dublin City on property valuation bands Increase Increase Increase Increase Increase Increase Increase Increase by 1% by 2% by 3% by 4% by 5% by 6% by 7% by 8% €90.90 €91.80 €92.70 €93.60 €94.50 €95.40 €96.30 €97.20 €227.25 €229.50 €231.75 €234.00 €236.25 €238.50 €240.75 €243.00 Property Current Increase Increase Increase Increase Increase Increase Increase by 9% by 10% by 11% by 12% by 13% by 14% by 15% Valuation Midpoint LPT 0-100,000 €50,000.00 €90.00 €98.10 €99.00 €99.90 €100.80 €101.70 €102.60 €103.50 100,001- €125,000.00 €225.00 €245.25 €247.50 €249.75 €252.00 €254.25 €256.50 €258.75 150,000 150,001- €175,000.00 €315.00 €318.15 €321.30 €324.45 €327.60 €330.75 €333.90 €337.05 €340.20 €343.35 €346.50 €349.65 €352.80 €355.95 €359.10 €362.25 200,000 200,001- €225,000.00 €405.00 €409.05 €413.10 €417.15 €421.20 €425.25 €429.30 €433.35 €437.40 €441.45 €445.50 €449.55 €453.60 €457.65 €461.70 €465.75 250,000 250,001- €275,000.00 €495.00 €499.95 €504.90 €509.85 €514.80 €519.75 €524.70 €529.65 €534.60 €539.55 €544.50 €549.45 €554.40 €559.35 €564.30 €569.25 300,000 300,001- €325,000.00 €585.00 €590.85 €596.70 €602.55 €608.40 €614.25 €620.10 €625.95 €631.80 €637.65 €643.50 €649.35 €655.20 €661.05 €666.90 €672.75 350,000 350,001- €375,000.00 €675.00 €681.75 €688.50 €695.25 €702.00 €708.75 €715.50 €722.25 €729.00 €735.75 €742.50 €749.25 €756.00 €762.75 €769.50 €776.25 400,000 400,001- €425,000.00 €765.00 €772.65 €780.30 €787.95 €795.60 €803.25 €810.90 €818.55 €826.20 €833.85 €841.50 €849.15 €856.80 €864.45 €872.10 €879.75 450,000 450,001- €475,000.00 €855.00 €863.55 €872.10 €880.65 €889.20 €897.75 €906.30 €914.85 €923.40 €931.95 €940.50 €949.05 €957.60 €966.15 €974.70 €983.25 500,000 500,001- €525,000.00 €945.00 €954.45 €963.90 €973.35 €982.80 €992.25 €1,001.70 €1,011.15 €1,020.60 €1,030.05 €1,039.50 €1,048.95 €1,058.40 €1,067.85 €1,077.30 €1,086.75 550,000 550,001- €575,000.00 €1,035.00 €1,045.35 €1,055.70 €1,066.05 €1,076.40 €1,086.75 €1,097.10 €1,107.45 €1,117.80 €1,128.15 €1,138.50 €1,148.85 €1,159.20 €1,169.55 €1,179.90 €1,190.25 600,000 600,001- €625,000.00 €1,125.00 €1,136.25 €1,147.50 €1,158.75 €1,170.00 €1,181.25 €1,192.50 €1,203.75 €1,215.00 €1,226.25 €1,237.50 €1,248.75 €1,260.00 €1,271.25 €1,282.50 €1,293.75 650,000 650,001- €675,000.00 €1,215.00 €1,227.15 €1,239.30 €1,251.45 €1,263.60 €1,275.75 €1,287.90 €1,300.05 €1,312.20 €1,324.35 €1,336.50 €1,348.65 €1,360.80 €1,372.95 €1,385.10 €1,397.25 700,000 700,001- €725,000.00 €1,305.00 €1,318.05 €1,331.10 €1,344.15 €1,357.20 €1,370.25 €1,383.30 €1,396.35 €1,409.40 €1,422.45 €1,435.50 €1,448.55 €1,461.60 €1,474.65 €1,487.70 €1,500.75 750,000 750,001- €775,000.00 €1,395.00 €1,408.95 €1,422.90 €1,436.85 €1,450.80 €1,464.75 €1,478.70 €1,492.65 €1,506.60 €1,520.55 €1,534.50 €1,548.45 €1,562.40 €1,576.35 €1,590.30 €1,604.25 800,000 800,001- €825,000.00 €1,485.00 €1,499.85 €1,514.70 €1,529.55 €1,544.40 €1,559.25 €1,574.10 €1,588.95 €1,603.80 €1,618.65 €1,633.50 €1,648.35 €1,663.20 €1,678.05 €1,692.90 €1,707.75 850,000 850,001- €875,000.00 €1,575.00 €1,590.75 €1,606.50 €1,622.25 €1,638.00 €1,653.75 €1,669.50 €1,685.25 €1,701.00 €1,716.75 €1,732.50 €1,748.25 €1,764.00 €1,779.75 €1,795.50 €1,811.25 900,000 900,001- €925,000.00 €1,665.00 €1,681.65 €1,698.30 €1,714.95 €1,731.60 €1,748.25 €1,764.90 €1,781.55 €1,798.20 €1,814.85 €1,831.50 €1,848.15 €1,864.80 €1,881.45 €1,898.10 €1,914.75 950,000 950001€975,000.00 €1,755.00 €1,772.55 €1,790.10 €1,807.65 €1,825.20 €1,842.75 €1,860.30 €1,877.85 €1,895.40 €1,912.95 €1,930.50 €1,948.05 €1,965.60 €1,983.15 €2,000.70 €2,018.25 1000000 Appendix 2 continued Impact of Decrease in LPT in Dublin City on property valuation bands Property Valuation Midpoint Current LPT Decrease Decrease Decrease Decrease Decrease Decrease Decrease Decrease Decrease Decrease Decrease Decrease Decrease Decrease Decrease by 1% by 2% by 3% by 4% by 5% by 6% by 7% by 8% by 9% by 10% by 11% by 12% by 13% by 14% by 15% 0-100,000 €50,000.00 €90.00 €89.10 €88.20 €87.30 €86.40 €85.50 €84.60 €83.70 €82.80 €81.90 €81.00 €80.10 €79.20 €78.30 €77.40 €76.50 100,001150,000 €125,000.00 €225.00 €222.75 €220.50 €218.25 €216.00 €213.75 €211.50 €209.25 €207.00 €204.75 €202.50 €200.25 €198.00 €195.75 €193.50 €191.25 150,001200,000 €175,000.00 €315.00 €311.85 €308.70 €305.55 €302.40 €299.25 €296.10 €292.95 €289.80 €286.65 €283.50 €280.35 €277.20 €274.05 €270.90 €267.75 200,001250,000 €225,000.00 €405.00 €400.95 €396.90 €392.85 €388.80 €384.75 €380.70 €376.65 €372.60 €368.55 €364.50 €360.45 €356.40 €352.35 €348.30 €344.25 250,001300,000 €275,000.00 €495.00 €490.05 €485.10 €480.15 €475.20 €470.25 €465.30 €460.35 €455.40 €450.45 €445.50 €440.55 €435.60 €430.65 €425.70 €420.75 300,001350,000 €325,000.00 €585.00 €579.15 €573.30 €567.45 €561.60 €555.75 €549.90 €544.05 €538.20 €532.35 €526.50 €520.65 €514.80 €508.95 €503.10 €497.25 350,001400,000 €375,000.00 €675.00 €668.25 €661.50 €654.75 €648.00 €641.25 €634.50 €627.75 €621.00 €614.25 €607.50 €600.75 €594.00 €587.25 €580.50 €573.75 400,001450,000 €425,000.00 €765.00 €757.35 €749.70 €742.05 €734.40 €726.75 €719.10 €711.45 €703.80 €696.15 €688.50 €680.85 €673.20 €665.55 €657.90 €650.25 450,001500,000 €475,000.00 €855.00 €846.45 €837.90 €829.35 €820.80 €812.25 €803.70 €795.15 €786.60 €778.05 €769.50 €760.95 €752.40 €743.85 €735.30 €726.75 500,001550,000 €525,000.00 €945.00 €935.55 €926.10 €916.65 €907.20 €897.75 €888.30 €878.85 €869.40 €859.95 €850.50 €841.05 €831.60 €822.15 €812.70 €803.25 550,001600,000 €575,000.00 €1,035.00 €1,024.65 €1,014.30 €1,003.95 €993.60 €983.25 €972.90 €962.55 €952.20 €941.85 €931.50 €921.15 €910.80 €900.45 €890.10 €879.75 600,001650,000 €625,000.00 €1,125.00 €1,113.75 €1,102.50 €1,091.25 €1,080.00 €1,068.75 €1,057.50 €1,046.25 €1,035.00 €1,023.75 €1,012.50 €1,001.25 €990.00 €978.75 €967.50 €956.25 650,001700,000 €675,000.00 €1,215.00 €1,202.85 €1,190.70 €1,178.55 €1,166.40 €1,154.25 €1,142.10 €1,129.95 €1,117.80 €1,105.65 €1,093.50 €1,081.35 €1,069.20 €1,057.05 €1,044.90 €1,032.75 700,001750,000 €725,000.00 €1,305.00 €1,291.95 €1,278.90 €1,265.85 €1,252.80 €1,239.75 €1,226.70 €1,213.65 €1,200.60 €1,187.55 €1,174.50 €1,161.45 €1,148.40 €1,135.35 €1,122.30 €1,109.25 750,001800,000 €775,000.00 €1,395.00 €1,381.05 €1,367.10 €1,353.15 €1,339.20 €1,325.25 €1,311.30 €1,297.35 €1,283.40 €1,269.45 €1,255.50 €1,241.55 €1,227.60 €1,213.65 €1,199.70 €1,185.75 800,001850,000 €825,000.00 €1,485.00 €1,470.15 €1,455.30 €1,440.45 €1,425.60 €1,410.75 €1,395.90 €1,381.05 €1,366.20 €1,351.35 €1,336.50 €1,321.65 €1,306.80 €1,291.95 €1,277.10 €1,262.25 850,001900,000 €875,000.00 €1,575.00 €1,559.25 €1,543.50 €1,527.75 €1,512.00 €1,496.25 €1,480.50 €1,464.75 €1,449.00 €1,433.25 €1,417.50 €1,401.75 €1,386.00 €1,370.25 €1,354.50 €1,338.75 900,001950,000 €925,000.00 €1,665.00 €1,648.35 €1,631.70 €1,615.05 €1,598.40 €1,581.75 €1,565.10 €1,548.45 €1,531.80 €1,515.15 €1,498.50 €1,481.85 €1,465.20 €1,448.55 €1,431.90 €1,415.25 9500011000000 €975,000.00 €1,755.00 €1,737.45 €1,719.90 €1,702.35 €1,684.80 €1,667.25 €1,649.70 €1,632.15 €1,614.60 €1,597.05 €1,579.50 €1,561.95 €1,544.40 €1,526.85 €1,509.30 €1,491.75 Appendix 3 - Preliminary estimate of Revenue income and expenditure Y2020 Adopted to Y2020 Revised Category Description Income 2020 Adopted 2020 Revised Rates 357,448,695 357,692,695 NPPR 3,500,000 3,500,000 LGF - LPT Allocation of which - 2020 Adopted 244,000 2021 Variance 357,448,695 357,448,695 - 3,500,000 1,500,000 - 2,000,000 33,891,176 33,891,176 - 33,891,176 58,048,528 24,157,352 LPT Allocation - Own Use 23,110,516 23,110,516 - 23,110,516 47,267,868 24,157,352 LPT Allocation - Self Funding 10,780,660 10,780,660 - 10,780,660 10,780,660 344,417,875 329,810,933 344,417,875 314,792,329 91,500,000 91,500,000 - 91,500,000 91,500,000 8,231,900 8,231,900 - 8,231,900 8,231,900 200,761,623 171,136,077 43,924,352 43,924,352 Goods & Services of which Y2020 Adopted to Y2021 Draft Variance Rents from Houses Housing Loans Interest & Charges Other Goods & Service Income Irish Water 200,761,623 43,924,352 14,606,942 186,154,681 43,924,352 14,606,942 - - 29,625,546 - - 29,625,546 - Revenue Grants & Subsidies Expenditure 289,046,097 322,246,097 - 33,200,000 289,046,097 292,778,097 Total Income 1,028,303,843 1,047,140,901 - 18,837,058 1,028,303,843 1,024,567,649 Payroll Costs 428,924,455 15,815,201 7,000,000 322,953,302 14,261,353 444,739,656 337,214,655 451,739,656 Salary & Wages 444,739,656 337,214,655 344,214,655 7,000,000 Pensions 107,525,001 105,971,153 1,553,848 107,525,001 107,525,001 of which Other payroll costs 3,732,000 - 3,736,194 - - Financial Expenses Bad debt Provision (including irrecoverable rates ) of which Interest paid to central government (NTMA & OPW) Interest paid to HFA Interest paid to other financial institutions 57,187,648 62,687,648 - 5,500,000 57,187,648 65,937,648 8,750,000 24,379,371 29,879,371 - 5,500,000 24,379,371 33,129,371 8,750,000 - - - - - - 10,360,170 10,360,170 - 10,360,170 10,360,170 - 84,164 84,164 - 84,164 84,164 - Other Revenue Expenses of which 526,376,539 506,890,345 Maintenance/Improvement of LA Housing 526,376,539 33,750,797 33,750,797 - 33,750,797 33,750,797 - RAS Programme / HAP 51,618,019 51,618,019 - 51,618,019 51,618,019 - 7,580,126 7,580,126 - 7,580,126 7,580,126 Expenditure on behalf of Irish Water Other Total Expenditure Expected Credit Balance Y2020R Expected Credit Balance Y2021 Note 555,051,679 - 28,675,140 - 19,486,194 - 433,427,597 462,102,737 - 28,675,140 433,427,597 413,941,403 - 19,486,194 1,028,303,843 1,046,663,782 - 18,359,939 1,028,303,843 1,024,567,649 - 3,736,194 477,119 The above template is one that must be returned to Department of Housing, Planning, Community & Local Government The final draft budget submitted to the Council will be vary from this analysis The assumption for the Y2021 LPT is that the basic rate will be increased by 15% - Appendix 4 – Assignment of LPT receipts as directed by DHPLG Local Property Tax - Dublin City Council 2020 € Value of LPT Receipts estimated by Revenue Commissioners 80,298,493 20% to Equalistion Fund 16,059,699 80% LPT retained 64,238,794 Value of 15% reduction 12,044,774 LPT available funding 52,194,020 Funds directed by Govt. replacing previous grants, of which; € 29,083,504 Housing Revenue Roads Revenue Total Revenue Housing Capital Remaining LPT Balance PRD LPT of which; Historic Local Government Grant LPT Funding € 5,000,000 5,780,600 10,780,600 18,302,904 29,083,504 23,110,516 16,428,262 6,682,254 2,667,330 4,014,924