More than 100,000 properties to become liable for LPT in November
More than 100,000 new and previously exempt properties, most of which were built after May 2013, will be brought into the tax bracket and become liable for Local Property Tax (LPT) on 1 November.
Revenue’s Local Property Tax branch manager said homeowners will have until this date to revalue their homes as part of the first shake-up in the local property tax scheme since its introduction eight years ago.
Speaking to RTÉ’s Drivetime, Katie Clair urged homeowners to determine the market value of their property at 1 November this year, to submit that valuation to Revenue on their LPT return by 7 November and to pay or make arrangements to pay by 2022.
Her comments come as more than 1.4 million letters are being sent out by Revenue Commissioners over the next three weeks alerting homeowners of the need to file a LPT return.
The easiest way to do this is online, she said.
She can people can access the LPT portal directly on Revenue.ie, or through MyAccount or the Revenue Online Service, which are both also available on Revenue’s website.
This new valuation will determine the amount of Local Property Tax to be paid each year from 2022-2025, she added.
Ms Clair said this is a self-assessed tax and the onus is on the homeowner to contact Revenue and that guidance on how to value your property is available on the agency’s website.
Homeowners are only required to evaluate their property within a valuation band.
She said if a homeowner has invested significantly in your property and extended, that should be reflected in the valuation.
It is expected the majority of properties will not incur any increase in their LPT charge in 2022, she added.