Property Tax in Ireland
The Property Tax is to be known as the Local Property Tax or LPT. It is going to be a self assessment system. Each home owner will be expected to assess the market value of their home which will involve choosing a 'valuation band' . The Local Property Tax (LPT) is to be in place by July 2013. The Revenue Commissioners will be sending out about 1.9 million LPT Return forms during March 2013. The forms will be sent to to all those people they believe are residential property owners The Dept of Finance say that Revenue will provide indicative property values to each property owner. The valuation date is May 1st 2013 . Owners will be allowed to choose a different valuation band themselves or use a professional valuer. The tax rate is based on 0.18% for the first €1M of value. Properties valued over €1M will be assessed at the actual value (no banding will apply) i.e., €1,800 plus 0.25% of the portion of the value above €1m. Need assistance with the new property tax or would like to request a valuation? Contact us on 01 660 7988 or email: patrick@valuations.ie |