Amy lives in a house in Tralee purchased with an inheritance from the estate of her late mother. Prior to moving to Tralee, Amy owned and lived in a one-bedroom apartment in Limerick. This apartment has been vacant since Amy moved to Tralee. Amy intends to retain the apartment for her children to use when they are old enough to attend college. She has decided not to rent the apartment.
The apartment was valued at €250,000 on 1 November 2021. This valuation determined Amy's LPT charge for the years 2022 to 2025. Amy’s base rate of LPT was €225, for these years. Limerick City and County Council applied the LAF, increasing her LPT liability by 15% to €258. However, this adjustment was not relevant for VHT.
For the first chargeable period from 1 November 2022 to 31 October 2023, Amy's VHT liability was three times her base rate of LPT of €225. This means her liability to VHT was €675 (€225 × 3).
For the second chargeable period from 1 November 2023 to 31 October 2024, Amy's VHT liability was five times her base rate of LPT of €225. This means her liability to VHT was €1,125 (€225 × 5).
For the third chargeable period from 1 November 2024 to 31 October 2025, Amy's VHT liability is seven times her base rate of LPT of €225. This means her liability to VHT is €1,575 (€225 × 7).
Amy's apartment is valued at €325,000 on 1 November 2025. This valuation determines her LPT charge for the years 2026 to 2030. Amy's base rate of LPT is €333 for these years. Limerick City and County Council have applied the LAF, increasing her LPT liability by 15% to €382. This adjustment is not relevant to VHT.
For the fourth chargeable period from 1 November 2025 to 31 October 2026, Amy's VHT liability will be seven times her base rate of LPT of €333. This means her liability to VHT will be €2,331 (€333 x 7).