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Suspicions raised about Local Property Tax valuations

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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.

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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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Paralympic legend Jason Smyth visits St Brendan’s

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Paralympic legend Jason Smyth visits St Brendan’s


World renowned Paralympian and world record holder Jason Smyth paid a visit to St Brendan’s College on Wednesday afternoon as part of a high profile visit to Killarney.


The six time Paralympic gold medallist spoke to second year students from St Brendan’s College, alongside students from neighbouring schools St Brigid’s Presentation Secondary School and Killarney Community College.
The interactive talk and interview took place ahead of World Sight Day, with the legendary sprinter sharing his personal journey with Stargardt disease, a genetic eye condition that left him legally blind at eight years old.
The Derry native, who holds the world record as the fastest Paralympian on earth over 100 metres, offered inspiring insights into overcoming physical adversity and achieving success at the highest level of world sport.
The school visit formed the opening leg of his Killarney schedule before he took centre stage later on Wednesday evening at The Killarney Plaza Hotel & Spa.
Smyth headlined An Evening with Paralympian Jason Smyth, an event organised by the Killarney Chamber of Tourism and Commerce as part of its winter schedule, sponsored by AIB.

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Deerpark Retail Park placed on market for fifteen million euro

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Deerpark Retail Park in Killarney has officially been placed on the market with a guide price in excess of 15.4 million euro, excluding VAT.

International real estate firm Cushman & Wakefield has been appointed as the sole sales agent to handle the high-profile commercial property sale on behalf of its current owner, Investcorp.

Investcorp, a global investment management firm headquartered in Bahrain, had previously acquired the prominent shopping complex.


The sale represents one of the largest commercial property offerings to launch in County Kerry this year.

Located roughly 1.3 kilometres west of Killarney town centre, the scheme enjoys strong regional connectivity and sits adjacent to independently owned operations including a Tesco Extra store, a Tesco petrol filling station, JYSK, and Aldi.


Constructed in 2006, the development extends across approximately 10,482 square metres, or 112,835 square feet.

The scheme comprises a mix of modern retail warehouse units and a complementary neighbourhood centre, offering 13 individual units in total with Part Open and Part Bulky Use planning permission.

The units range in size from 94.6 square metres up to 1,994.9 square metres. Visitors have access to approximately 248 customer parking spaces across the commercial grounds.

The park is currently 100 per cent occupied by a strong line-up of established national and international brands.

Key retail tenants include Marks & Spencer, Boots, DID Electrical, Maxi Zoo, and Mountain Warehouse.

The neighbourhood centre element accommodates service and convenience operators such as Costa Coffee, Card Factory, and Salon B.

The first-floor accommodation is fully let to Peak Performance Academy, which provides additional rental diversification.

Additionally, the scheme benefits from an agreement with Tesla to operate eight electric vehicle charging bays within the customer car park.


Commercial figures show that the property generates a total current rental income of 1,326,458 euro per annum, with a weighted average unexpired lease term of 4.45 years to break options and 6.46 years to lease expiry.

Cushman & Wakefield noted that the quoted guide price of 15.4 million euro reflects a net initial yield of 7.83 per cent, assuming standard purchaser costs of 9.96 per cent.

The selling agents highlighted that the fully occupied asset offers investors an attractive income profile alongside scope for additional income generation through parking commercialisation.

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