Budget 2016 – the housing measures

Budget 2016 took place this afternoon and MyHome.ie has compiled the impact on the housing market.

The biggest announcement was in relation to the Local Property Tax.

Property tax re-evaluation has been postponed until 2019. Minister Michael Noonan says this will mean that home owners will not be faced with significant increases in their LPT in 2017 as a result of increased property values.

Elsewhere, the Group A tax-free threshold for Capital Acquisitions Tax, which broadly applies to transfers between parents and their children, is being increased from €225,000 to €280,000.

Meanwhile, NAMA is to deliver 20,000 new residential homes by 2020 at a cost of €4.5 billion. 90% of these will be in the Greater Dublin area.

The allocation for social housing is to be increased by €69m, to €414 million. This will aim to help local authorities secure accommodation for an additional 14,000 households.

Minister for Social Protection Brendan Howlin is making €10m available from the proceeds of the sale of Bord Gáis Eireann for an affordable housing pilot scheme.

The current allocation for emergency accommodation of homeless people is also being increased by €17m.

The Home Renovation Incentive has also been extended until 31 December 2016.

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