Hi all,
Apologies if this is in the wrong place. I have a relative who is a farmer and has been all his life. His land is close to a town and is valuable. It is zoned residential and as it’s along a main road, it has access to services so it seems he will be on the hook for the 3% Zoned land tax which was brought in in Budget 2021 and is due to be paid early next year.
It seems very unfair for a man who has farmed all his life to have to pay a tax which is surely aimed at developers who buy up land and hoard it in the hope of watching the value grow and make a large profit. I presume he will have to sell the land as its value would mean that the tax would be €100k+ per year. I don’t think any exemption applies (open to correction here) and I’m sure he doesn’t have the money to pay this. I’m sure the next generation would be happy to see the land sold as there isn’t much interest in farming but the farmer himself is happy to farm as he has done always. I wonder if anyone has any experience of this or suggestions as to how to advise him?
Thanks in advance.
Apologies if this is in the wrong place. I have a relative who is a farmer and has been all his life. His land is close to a town and is valuable. It is zoned residential and as it’s along a main road, it has access to services so it seems he will be on the hook for the 3% Zoned land tax which was brought in in Budget 2021 and is due to be paid early next year.
It seems very unfair for a man who has farmed all his life to have to pay a tax which is surely aimed at developers who buy up land and hoard it in the hope of watching the value grow and make a large profit. I presume he will have to sell the land as its value would mean that the tax would be €100k+ per year. I don’t think any exemption applies (open to correction here) and I’m sure he doesn’t have the money to pay this. I’m sure the next generation would be happy to see the land sold as there isn’t much interest in farming but the farmer himself is happy to farm as he has done always. I wonder if anyone has any experience of this or suggestions as to how to advise him?
Thanks in advance.