Revenue Has Launched A Local Property Tax (LPT) CampaignNow here’s what that means…They say that in this world nothing can be said to be certain, except death and taxes, and while Benjamin Franklin’s famous quote remains true, we maintain that there are ways we can make the taxing process less… well, taxing. Back in September, Revenue confirmed that it will contact over 1.4 million property owners directly, in the coming weeks, to explain the three things they need to do to meet their LPT obligations for 2022.These are:1. Determine the market value of their property before 1 November 20212. Submit their LPT Return, including their valuation, by 7 November 20213. And pay or make arrangements to pay their LPT Charge for 2022Now, call us optimists, but that seems very doable. Let’s get started.What is Local Property Tax?To suss out how much LPT you should be paying as a residential property owner, you must first find out the market value of your property. You can do this easily via the interactive valuation tool and detailed guidance provided on Revenue’s website. The valuation tool provides 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 entering the property’s Eircode or location.However, this is a guide only. If your property is well flash compared to the rest of the block, it may reflect in the tax. “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,” says Katie Clair, Principal Officer in Revenue’s Local Property Tax Branch.“This includes those who have 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.“Some residential properties are not currently registered with Revenue, for example, because their owners built their property in the period since 2013,” Clair added. 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.”Important dates:The next valuation date for Local Property Tax is 1 November 2021. 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 1 November 2021 will determine the LPT to be paid each year from 2022 to 2025. This applies to: 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.LPT updates, stats and info can all be found on the Revenue website – so be there or be square. We here at Fitzgerald Power know taxes like the back of our hand. Our team can help you with all sorts of taxation queries or concerns, ensure your tax obligations are met, while identifying any opportunities to minimise exposure. If you’re looking for advice from some of the very best accountants in Ireland, we’re here to help. No two cases are the same, and we like to focus on getting to know our clients, so that we can tailor our tax services to meet your specific needs.Further Articles Wage subsidy scheme IrelandUpdated EWSS eligibility criteria and requirements to file a monthly Eligibility Review Form through… Read Blog Market Pulse Report Q2 2021Analysis of the key trends in the Irish SME sector. Read Blog
