Homeowners in Cork county facing property price hike 

Homeowners across the county are facing a hike in their Local Property Tax (LPT) in 2025.

Elected members attending a meeting of Cork County Council today approved a 2.5% increase in the rate.

The increase will mean a homeowner with a property valued between €262,501 and €350k will have to pay €346.50 next year, up from €339.

People with homes valued between €350,000 and €437,501 will have a bill of €445.50, up from €435.

The increase is just €2 for those with a property valued at less than €200k, up from €97 to €99.

Those with a property valued between €200k and €262,501 face an LPT bill of €247.50, up €5.50, while those whose properties are valued in excess of €437,501 will see their LPT increase from €532.13 to €544.50.

The increase was approved after the local authority’s head of finance, Jeremy Canty, outlined the financial position of the Council and what he described as the need for councillors to consider using the power they had to vary the LPT rate.

Under legislation, councillors can increase the rate up to 15% of the base rate.

Up to today's vote, that rate was set at 7.5% and after the elected members voted 44-8 to approve an increase to 10%, proposed by County Mayor, Joe O’Carroll of Fianna Fáil, it will be set at 10% for the coming year.

The net gain to the Council from the increase approved at the meeting is €0.87m.

The Council Executive had sought an increase to 15% which would generate an income gain of €2.6m.

According to the Council’s head of finance, Mr Canty, Cork County Council like all local authorities was facing what he described as “a tough and complex set of pressures”.

“Our current estimated budget is showing a deficit of €27.3m,” he said.

“The majority of our costs are non- discretionary, limiting the areas of expenditure that we can reduce.

“Like many of the businesses and communities we serve we are seeing increased costs as a result of inflationary pressures, growing activity levels across all services, including roads, municipal services, amenities, and climate action and more.”

While the Council was seeking an increase to 15%, most councillors agreed with the compromise proposal put forward by Mayor Joe Carroll who suggested a 10% hike and a small minority wanted to maintain the current rate. 

A public consultation held during July and August and advertised in local media yielded no submissions.