CORK City Council this evening voted to increase the Local Adjustment Factor (LAF) of Local Property Tax in Cork City by 7.5%.
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. Joe Kavanagh said: "Given the uncertainty that Covid-19 has presented us with, it is important that Cork City Council is in a financial position to steadfastly continue delivering crucial services to Cork City like social housing, emergency services, infrastructure, street cleaning, green areas and parks, libraries, arts and culture.
"These services are the beating heart of a liveable city. The increase in property tax passed this evening will allow Cork City Council to continue to make Cork a safe and attractive place to live, work and study in.”
The elected members of Cork City Council have previously voted for a 0% LAF for the years 2017, 2018 and 2019.
This generated an additional income of €777,000 per annum in the budget which equates to €2.331m over those three years.
This increase of 7.5% will generate an additional income of €1.5 million for Cork City Council.