Cork City Council members have voted not to vary the basic rate of the Local Property Tax.

Sixteen councillors voted not to vary the basic LPT rate at a special meeting this evening.

The Finance (Local Property Tax) Act 2012 makes specific provision that elected members of a local authority may pass a formal resolution to vary the basic rate of the LPT for their administrative area by a percentage known as the local adjustment factor.

Councillors may set a local adjustment factor within the range of +/-15% of the basic rate.