One of the country’s leading property development companies is offering to pay the Residential Zoned Land Tax on land it purchases in Donegal.
As part of its expansion strategy, Fitzpatrick & Heavey Homes says it is actively looking to acquire residentially zoned land in the county.
CEO Ciaran Fitzpatrick says the company currently has 350 homes under construction across Offaly, Westmeath, Wicklow, and Cork, and is looking to deliver over 100 homes in Donegal.
He says while the Residential Zoned Land Tax is intended to encourage development, it also places a financial strain on landowners who may not have the means to build, and by absorbing the tax on any land it purchases, the company is providing an immediate solution.
The RZLT, which came into effect on the first of this month, imposes an annual tax of 3% on the market value of undeveloped, residentially zoned land.
At present, only active construction sites and certain agricultural lands qualify for relief.
