Revenue unveil property tax detail
The Revenue Commissioners today unveiled new details on how the Property Tax will be administered and collected from around 1.6 million Irish homes.
Speaking at the press briefing, Ms. Feehily stressed that it is a self-assessed tax. ‘As LPT is a self-assessed tax, you are obliged to determine the market value of any property for which you are theliable person.’
Revenue will issue a LPT Return to residential property owners in March 2013 for completion. You will be obliged to value your property, calculate your LPT liability, confirm your payment option and submit your Return by the relevant deadline (7th May if submitting a paper Return and 28th May if submitting your Return on-line at www.revenue.ie ).
Property valuation guidance will be available from March 2013 and this will include an on-line guide that will provide indicative property values. Revenue will not be valuing properties for LPT purposes.
The valuation guidance is based on:
- The type of property e.g. detached, semi-detached, apartment etc.
- The age of the property e.g. built before the year 2000 or after.
- The average price of the type of property for the general area.
You will need to consider the specifics of your own property when using Revenue’s valuation guidelines. If you follow Revenue’s valuation guidelines honestly, we will accept your property value assessment. However, if you feel that the guidance is not indicating a reasonable valuation for your property, you should make your own assessment. You are responsible for ensuring that you choose the correct value band for your property. If Revenue has reason to believe that the amount you have declared on your Return does not reflect the market value of your property, we may raise an assessment for a different amount.
You might find the register of residential property sales, published by the Property Services Regulatory Authority (PSRA) based on Revenue Stamp Duty data (www.propertypriceregister.ie), of assistance for valuing your property.
You may choose to obtain a valuation from a competent professional valuer. Some valuers are offering a special price for LPT valuations. If you have purchased your property or obtained a professional valuation in recent years, you may use this valuation and adjust for any change in property values in your area since the date of this valuation.
You should also refer to other sources of information relating to local properties such as the property section of local newspapers, information from local estate agents and property websites.
The initial valuation of your property on 1 May 2013 will be valid up to and including 2016 and will not be affected by any repairs or improvements made to your property, or any general increase in property prices, during this period.