Cork City Council votes not to vary Local Adjustment Factor of LPT

Cork City Council tonight voted not to vary the Local Adjustment Factor (LAF) of Local Property Tax for 2020 in Cork City.

Under Section 20 of the Finance (Local Property Tax) Act 2012, a Local Authority may vote to vary the basic rate of the Local Property Tax by a maximum of plus or minus 15% of the basic rate.

Lord Mayor of Cork, Cllr. John Sheehan said: "Cork City Council decided this evening not to adjust the Local Property Tax. With an expanded new city, a majority of members felt that we should wait and see how the new areas and new financial picture emerges over the next twelve months."

The elected members of Cork City Council have voted for a 0% LAF for the years 2017, 2018 and 2019. This has generated an additional income of €777,000 per annum in the budget which equates to €2.331m over three years.

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