Developer's offer to landowners hit by zoning tax

A major developer is offering to cover the Residential Zoned Land Tax liabilities for landowners in the region who sell their undeveloped, residentially-zoned land to them.

The company, Fitzpatrick & Heavey Homes, one of Ireland's emerging property development firms, announced the initiative last week, which it said would support landowners affected by the upcoming Residential Zoned Land Tax (RZLT).

With the tax set to take effect on February 1, the company will cover the tax liabilities for landowners who sell their undeveloped, residentially-zoned land to Fitzpatrick & Heavey Homes, providing immediate relief and swift land development.

Ciaran Fitzpatrick, CEO of Fitzpatrick & Heavey Homes, stated that the company currently has 350 homes under construction across Offaly, Westmeath, Wicklow, and Cork. Additionally, they have secured land for a further 300 units, which are already sale agreed. Backed by €200 million in available funding and strong partnerships, the firm is well-positioned to scale up and deliver an additional 1,000 homes.

"The Residential Zoned Land Tax, while aimed at driving development, is financially burdening landowners who may not have the means to develop their property.

By covering this tax for those who sell or partner with us, we provide a lifeline to landowners and expedite the delivery of new homes across Ireland.

This is a win-win for both landowners and the communities in need of housing.”

The RZLT can result in a three per cent tax rate annually on the land's market value, potentially amounting to tens of thousands of euros each year.

To discuss potential land sales, please contact Ciaran Fitzpatrick - ciaran@fitzheavey.com