Revenue has confirmed that it will directly contact over 1.4 million property owners across the country in the coming weeks to explain the three things they need to do to meet their Local Property Tax (LPT) obligations for 2022.
Residential property owners, whose properties were liable to LPT from 2013 to 2021, have paid LPT based on their self-assessed valuations at 1 May 2013. The new self-assessed valuation on November 1 2021 will determine the LPT to be paid each year from 2022 to 2025.
These obligations apply for all residential properties, including vacant properties, properties that were not liable to LPT from 2013 to 2021, and properties not yet registered with Revenue for LPT.
As LPT is a self-assessed tax, the first step that property owners should take is to determine the market value of their residential property. An interactive valuation tool and detailed guidance have been provided on Revenue’s website for property owners today to help them to meet their LPT obligations for 2022.
The interactive valuation tool will assist property owners with their self-assessment by providing an estimated average valuation band for residential properties in each area in a map format. Property owners can find their own area on the map by simply entering the property’s Eircode or location.
Revenue has reminded property owners that the interactive valuation tool is a guide only. They should consider the specifics of their property and assess whether its value falls within the average valuation band for their area.
Revenue has also included guidance regarding the different information sources that property owners can use to self-assess their property’s value.
What you need to do for 2022
To meet your LPT obligations for 2022, you need to do three things:
1. Determine the market value of your property at 1 November 2021
2. Submit your LPT Return, including your valuation, by 7 November 2021
3. Pay or make arrangements to pay your LPT charge for 2022.
Ms Katie Clair, Principal Officer in Revenue’s Local Property Tax Branch, has encouraged property owners to start the self-assessment of their property’s value by using the interactive valuation tool:
“I recommend that all residential property owners refer to Revenue’s online guidance, particularly if they are determining their property’s value for LPT for the first time. This includes those who purchased their property since 2013, as well as owners of properties that were not liable from 2013 to 2021 but are liable from 2022 onwards.
“Once property owners have assessed the market value of their property, they should submit the LPT Return and confirm a payment arrangement for 2022 by 7 November 2021. The easiest and quickest way to do this is online via www.revenue.ie. It is mandatory to submit online returns for properties valued at greater than €1.75m or where property owners are liable for LPT on more than one property.”
Ms. Clair added that “Some residential properties are not currently registered with Revenue, for example, because their owners built their property in the period since 2013. However, a property becomes liable for LPT for the next valuation period from 2022 to 2025, as long as it is a residential property on 1 November 2021.
“It is important that these newly-liable property owners register their property at www.revenue.ie and complete the same three step process. Additionally, owners of vacant properties are required to submit their LPT Return, including their valuation, by 7 November 2021.”
Further updates and statistics on LPT will be issued by Revenue on a regular basis. Guidance and information for property owners can be found here.
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