The Revenue have begun to issue the Local Property Tax (LPT) forms and information to residential property owners.
Included with this form is Revenue’s estimate of the LPT owed by the home owner.
This is a guide only and home owners must assess what their home is worth based on:
- the property valuation guidelines.
- propertypriceregister.ie which is a register of residential property sales based on Revenue stamp duty data.
- A valuation from a competent professional valuer
The property owner should retain a copy of the information used to determine his or her self-assessment of the value of the property as proof of compliance with his or her LPT obligations.
The initial valuation of your property on 1 May 2013 will be valid up to and including 2016 and will not be affected by any repairs or improvements made to your property, or any general increase in property prices, during this period.
The LPT form must be returned to the Revenue by:
- 7th May 2013(paper returns)
- 28th May 2013 (online returns)
There are various methods of payments which begin from 1st July 2013
How will Revenue ensure the self employed comply?
If you are self employed and don’t submit your LPT return form and your self assessment liability, the Revenue will collect the tax set out in the Revenue estimate using normal collection/enforcement options – sheriff, court action, attachment orders.
If you are self employed and do not pay the LPT:
- You will be liable for a surcharge for late submission of your income tax return regardless of whether or not the income tax return is submitted on time.
- You will not be able to get a tax clearance certificate
- The LPT remains as a charge on your property to be discharged on the sale or transfer of that property.