There has been some confusion about property tax exemption on homes that have recently been built by the owner – or are in the process of being built. For some self builders – the house might be their first home and they may be elegible for the “first time buyers exemption .
Firstly – Revenue have stated that any residential property built by its owner after 1 May 2013 and before 1 November 2016, will not be liable for LPT until 2017. We have to assume that when they say “built” they mean completed.
If a house is completed before 1 May 2013, the property will be subject to LPT, unless the person who self-builds the property is eligible for first time buyer exemption and occupies the property as his or her sole or main residence.
The first time buyer exemption is for houses purchased by a first time buyer between 1 January 2013 and 31 December 2013 – they are exempt until the end of 2016.
More about Property Tax Exemptions