Property tax nets over €10m

Cavan County Council collected more than €10 million in Local Property Tax (LPT) in 2023, the highest figure to date since the levy was first introduced in 2013.

The cash boost was divulged as part of the Annual Financial Statement (AFS) presented to elected members at their April monthly meeting.

Cavan received an increase of over €3.8 million in its LPT funding for 2024, after all 31 local authorities saw their baseline lifted by a minimum of €1.5m following the recommendations of a working group.

The 2023 figure includes a 15% increase in the LPT rate approved by local councillors.

Most properties in County Cavan (73%) fall under Band 1 for payments, based on their valuations.

2022 marked the first year that newly liable properties came within the charge to LPT on an annual basis.

Details from the AFS were shared by the council's Director of Finance, Margaret McNally, prior to a full audit of last year's accounts, which is set to begin later this month.

Council income for 2023 was just over €66 million, to include Rates collection of €17.6m.

A total of 87% of businesses eligible to pay rates did so in 2023, higher again than the previous year.

Ms McNally said the council carried forward a surplus of €3.9m before transfers, and this would be “ring-fenced” for projects in 2024.

Of that figure, €300,000 would be spent on roads and resurfacing, €72,000 on climate change measures, €250,000 on refurbishing the multi-storey carpark in Cavan Town, and €200,00 for the future development of the Townhall Theatre and the arts programme throughout the county.

A further €800,000 would be spent towards loan charges on Abbeylands, Shannon Pot Discovery Centre, and the Regional Sports Campus project.

Fine Gael's Madeleine Argue proposed approving the AFS, seconded by Fianna Fáil's Clifford Kelly.