How to assess your home for property tax

Revenue has launched a new online tool to help homeowners determine the value of their property, ahead of the next local property tax assessment date of November 1.

Under changes announced by the government in June, all properties will need to be reassessed every four years.

The amount of local property tax you pay will depend on the value of your property and what category it belongs to.

Since the tax is self-assessed, homeowners are responsible for calculating the value of their property.

To achieve this, Revenue has launched an interactive assessment tool, available in the “online services” section of the Revenue website.

How does this new tool work?

The revenues have divided the country into 18,000 small areas, which contain between 50 and 200 properties.

Homeowners can enter their airline code or address to find their small area and see what the average property value is in the area and in which valuation range falls the most.

Revenue, said the tool should only be used as a guide, and urged homeowners to also use other sources such as the property price register and Central Bureau of Statistics figures during the process. ‘Evaluation.

“What we’re trying to do is provide valuation advice,” said Keith Walsh, head of statistics and economic research at Revenue.

Mr Walsh pointed out that Revenue does not know the price of every property in the country, but does know the values ​​that were returned in 2013 – the last time property appraisals were held for the LPT.

“What we have done is a big data exercise to take the valuations that were returned in 2013 and move them forward to an approximate price of 2021,” he said.

“We did this with data from our own stamp duty systems, data from the Central Bureau of Statistics on real estate price trends over the period, and then we pulled other sources as well.”

How many valuation bands are there?

In total, there are 20 valuation ranges, which the Government has widened since 2013.

According to Revenue, the average property value falls in Band 2.

This is for properties valued between € 200,000 and € 262,500.

Owners of this tape can expect a bill of € 225.

Will my LPT bill go up?

Revenue said less than 10% of homeowners will see a change in their bills as a result of the reassessment.

Mr Walsh said that while the value of most properties has increased since 2013, the majority of homeowners will stay in the same valuation range and pay the same amount on their annual bill.

What has changed since the last LPT reviews?

The last appraisals under the Local Property Tax were carried out in 2013.

New houses built since then have been exempt from the royalty.

However, the changes announced by the government this summer will bring about 100,000 new homes built over the past eight years into the property tax net.

What happens if I don’t pay?

Revenue said the local property tax compliance rate is 97% – and it expects it to remain unchanged.

Katie Clair, a senior officer with Revenue’s local property taxes branch, said they would continue to run their compliance campaign.

“If you don’t submit your LPT return and you don’t assess your property, we will use the assessment tool to estimate your LPT fees – and it is these fees that will be associated with the property.

If you don’t comply, Ms Clair said the tax administration has a “wide range” of options to ensure liability is met.

“This could include the cancellation of the tax clearance, it could include a mandatory reduction at source or the offsetting of liability with available credits,” she said.

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