On 26 July Cork City Council voted to increase the Local Adjustment Factor (LAF) of Local Property Tax in Cork City by 9% (with 19 votes).
Under Section 20 of the Finance (Local Property Tax) Act 2012, a Local Authority may vote to vary the basic rate of the Local Property Tax by a maximum of plus or minus 15% of the basic rate.
The elected members of Cork City Council have previously voted for a 0% LAF for the years 2017, 2018 and 2019. This generated additional income of €777,000 per annum in the budget which equates to €2.331m over those three years. For the 2021 budget, the elected members increased the LAF to 7.5% which generated an additional €1.58m.