The owners of up to 3,000 vacant properties across the country must pay the Vacant Home Tax, according the first set of returns for the tax.

The figures published by the Department of Finance show that a further 2,000 properties have claimed an exemption from the tax.

The tax liability was set at a rate equal to three times the property's base Local Property Tax (LPT) charge.

However, this was increased to five times the LPT charge in Budget 2024.

Speaking this evening, Finance Minister Michael McGrath said the tax was primarily designed to encourage bringing habitable properties back in to use as homes.

"I and my officials will continue to monitor the implementation of this new tax, and I know the Revenue will provide us with useful information gathered as part of the returns process to help us in the public policy objective of discouraging vacancy," the Minister said.