The Minister for Housing, Local Government and Heritage, Darragh O’Brien, has published the updated General Scheme for the Land Value Sharing and Urban Development Zones Bill. The legislation provides for a new Land Value Sharing (LVS) charge of 30 percent on the difference between existing use value and the market value on land zoned for housing.
LVS aims to ensure local authorities and communities benefit from a fairer share in land value increases arising from State decisions relating to the zoning of land. To ensure that communities benefit, all LVS revenue will be ring-fenced for the infrastructure that is needed to support development, including housing.
Commenting on the General Scheme of the Bill, Minister O’Brien said:
“This legislation marks another important milestone towards fundamental reform of urban development, land management and housing provision in Ireland. Under this legislation, communities will get a greater benefit from State zoning decisions. Land Value Sharing will also influence land transactions with the aim of limiting the speculation that affects land prices, and by extension, the cost of housing.”
LOADING...