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Local Property Tax deadline is fast approaching

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By Ted Healy of DNG TED HEALY

By now everyone will be aware that the Local Property Tax (LPT) return deadline is fast approaching on November 7.

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So this week we give a quick easy to follow guide on the LPT; who is liable, how properties are assessed, what rates apply and how to pay.

Who Pays?

In essence, residential properties suitable for use as a dwelling (occupied or unoccupied) are subject to LPT. Certain properties were and continue to be exempt from the LPT, including properties unoccupied for an extended period by an ill or infirm liable person, or properties affected by pyrite or mica.

Some previous exemptions, such as new or unused properties purchased or built after 2013 or properties in unfinished housing estates, will no longer apply and now fall liable for LPT in 2022 and thereafter.
The owner of the residential property is legally liable for the LPT.

How is it Assessed?

The LPT is a value based tax and uses market values at its core. It is a self assessment tax with the onus on the property owner to value the property. It was first introduced in 2013 with property values set at market values in May of that year.

This year has seen a number of reforms of the system with the valuation bands largely increased and a revaluation date of November 1, 2021. The amount payable in 2021 will apply for the next four years, until 2025.

Revenue have issued a Notice of Estimate to each household which outlines an estimated liability. It is important to note that this is a guide only and liable persons are still required to value their property.

They can do so by using a number of different valuation sources or guides, including Revenue's online interactive valuation guide, the Residential Property Price Register, the use of a professional valuer, local real estate agents, or commercial property sales websites such as daft.ie or myhome.ie.

Once the taxpayer submits the valuation, Revenue’s estimated liability will be replaced by the self-assessed property valuation and the respective LPT charge.

Failure to submit a LPT return or the submission of an undervaluation may be subject to a penalty of €1,000 or a challenge by Revenue. At the same time, Revenue will pursue the estimated LPT liability amount using the available collection and enforcement options.

What is the rate?

The tax rate is set by central Government and was initially 0.18% for properties up to a value of €1m, with a higher rate of 0.25% levied on more valuable properties.

Given the increase in property prices and the inevitable rise in LPT liabilities, the Government has widened the valuation bands and reduced the lower rate (to 0.1029%, with the higher rates of 0.25% and 0.3%).

The following are the new valuation bands:

Local authorities have the power to vary the basic rate up or down by 15% annually. Kerry County Council have levied an additional 7.5% on top of the basic LPT rate.

Who collects the tax?

Revenue will continue to collect the LPT, and offer multiple payment options. These include a single payment using a debit card, credit card, cash or cheque; phased payments/instalments (monthly Direct Debit or via an approved Payment Service Provider such as An Post), or deduction at source (from salary/occupational pension/Government department).

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Status Orange Weather Warning for Kerry

Met Éireann has issued two weather warnings for Kerry on Wednesday, 27 September, A Status Orange warning for heavy and intense rainfall is in place from 9am to 3pm while […]

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Met Éireann has issued two weather warnings for Kerry on Wednesday, 27 September,

A Status Orange warning for heavy and intense rainfall is in place from 9am to 3pm while a Status Yellow warning for strong and gusty winds is in place from 7am on Wednesday to 12am on Thursday.

Possible impacts and disruptions include difficult travelling conditions, localised and coastal flooding, power outages, fallen trees and branches and poor visibility.

Kerry County Council is advising members of the public to prepare for severe weather on Wednesday and to ensure that items vulnerable to high winds are stored away. The Council is also advising motorists to travel with extreme caution on Wednesday and to expect surface water and spot flooding on all routes.

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World Rally Champion Phil Mills’ Killarney visit

Former World co-driving champion Phil Mills will be one of the guests of honour at a special Killarney and District Motor Club event next month. The club is celebrating Prodrive’s […]

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Former World co-driving champion Phil Mills will be one of the guests of honour at a special Killarney and District Motor Club event next month.

The club is celebrating Prodrive’s association with the Rally of the Lakes on October 14.

The legendary British motorsport preparation firm was responsible for building some of the most iconic associated with the local rally.

The celebration, which will raise funds for the Jack and Jill Foundation, will be hosted by the voice of Irish motorsport Alan ‘Plum’ Tyndall.

Welshman Mills, who won the 2003 World Rally Championship, alongside Petter Solberg has confirmed his attendance at the Killarney Racecourse-based event.

He is just one of many superstars attending the showcase.
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“Accompanying the stars will be a collection of iconic Prodrive machinery, ranging from the BMW E30 M3, all the way through to the Subaru Group A and World Rally Cars the 1990s and early 2000s,” said Killarney and District Motor Club vice chairman and organiser Mike Shea.

“All proceeds of this event will go directly to the Jack & Jill foundation helping provide support and special care to children across the country and is a once in a lifetime event.”

This event is in association with: Lyons of Limerick; C.Wharton Tool Hire Ltd; BG Motors Ltd; Castleisland Tyre Centre; Aherns Motor Group; Reen’s Rathmore Peugeot; KC Print and Moriarty’s Central Car Sales

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