News
Suspicions raised about Local Property Tax valuations
By the time of publication the Local Property Tax (LPT) deadline will have come and gone. The date for filing submissions was extended to Wednesday (November 10) at 5pm.
It has been reported that the LPT helpline received in excess on 80,000 calls in the past three days alone (at the time of writing) and that in excess of one million properties have thus far been filed, with 93% being done online. It is expected a further 800,000 properties will be filed before the deadline.
Reports this week suggest that some suspicions have been raised about valuations being submitted for the self assessed tax. This comes after it emerged that one-third of homeowners who had submitted a valuation by the end of last week said their home is worth less than €200,000.
Revenue have indicated it will not investigate further where it is believed a homeowner has made an honest assessment.
However, homeowners will have to provide documentary proof to back up their Local Property Tax valuations if Revenue suspects a property’s value has been dishonestly lowered.
Statistics from Revenue show 31% of property owners had submitted a valuation by the end of last week of under €200,000. They will face an annual LPT bill of €90.The figures show most homeowners who have valued their homes opted for the two lowest valuation bands; 21% told tax officials their property is worth less than €262,500. This means more than half of property owners who have so far submitted a valuation will pay less than €225 a year.The large number of homes that have been valued under €262,500 has raised eyebrows.Revenue have confirmed that where a property owner has made an honest estimate, and can provide supporting documentation, they will not seek to overturn a valuation.“However, where the valuation cannot be supported, Revenue will engage with the property owner to agree a revised valuation.”
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