Explainer: assessing the value of your home before the local property tax deadline

Asia's Tech News Daily

© Provided by Extra.ie

The Revenue is in the process of sending letters to some 1.4 million homeowners in Ireland asking them to assess the value of their home for the purposes of local property tax (LPT).

The self-assessed value of the property will determine the rate of LPT owners will be required to pay each year from 2022 to 2025, and this is the first time homeowners have been required to value their homes since 2013.

So, if you’re worried about valuing your own home, don’t worry: it’s easier than you think. Here’s everything you need to know.

© Provided by Extra.ie Homeowners must self-assess the value of their home for November 1. Pic: Shutterstock

Overview

Homeowners are required to pay LPT, although there are a few exemptions.

You are not required to pay LPT in cases where the property has been vacated for more than a year due to mental or physical infirmity or if a property has been bought, built or adapted to make it suitable for use by permanently or totally incapacitated person

Homeowners are also exempt from LPT when the property has been certified as damaged by pyrite or the property qualifies for the Defective Concrete Blocks Scheme. Some 100,000 homes built since 2013 that previously weren’t in the tax bracket will be subject to LPT from next year, and the rules are no different for owners of those properties.

© Provided by Extra.ie The valuation will set the rate of Local Property Tax you pay annually for the next four years. Pic: Getty Images

How much LPT am I required to pay?

Well, that is determined by the market value of your home, which is likely to have increased substantially since 2013 when homeowners were last required to submit a valuation for the purposes of LPT.

In light of house price inflation over the past eight years, the basic rate of LPT has been reduced from 0.8% to 0.1% and valuation bands have been widened to ensure amount of tax paid on a property is unlikely to rise.

In all, there are 19 LPT valuation bands, ranging from the lowest bracket for properties valued at €1-200,000, which has a basic rate of €90, all the way up to €1.66-1.75 million (€2,721).

© Provided by Extra.ie Homeowners with homes values below €200,000 will likely have to pay €90 in LPT. Pic: Getty Images

For the average home, owners are likely to pay €225 (€200,001-262,500), €315 (€262,501-350,000) or €405 (€350,001-437,500) in LPT annually.

LPT for properties worth more than €1.75 million is calculated from the valuation of the property rather than from a valuation band.

There are also local adjustment factors, with reductions and increases on the base rate in a number of counties, for instance there’s a 15% reduction on properties in Dublin city and a 15% increase in Donegal.

What are homeowners required to do?

Three things:

  • determine the market value of their property as of November 1, 2021.
  • submit their LPT return with the valuation by November 7, 2021
  • pay or make arrangements to pay their LPT for 2022.

© Provided by Extra.ie There are easy online tools to use or you could get a professional valuer to look at your house. Pic: Getty Images

How can I value my home?

The Revenue has an interactive tool that considers location, average price range, date of built and a range of other factors in valuing your home.

You can search for your home by county or Eircode and find it on the map, which will overlaid with the valuation band assigned to that area.

Pat Davitt, CEO of the Institute of Professional Auctioneers and Valuers (IPAV), said the best accessible tool for valuations would be the Property Price Register, which logs all residential property transactions since 2010.

You can use the register to find homes in your town or street that have been recently sold and use those valuations to get a good idea of the market value of your home.

‘Chances are that a property is going to come up that’s pretty close to your own property, and this will give you the very best idea of the market value of your house,’ Mr Davitt said.

© Provided by Extra.ie The vast majority of people are compliant with LPT rules. Pic: Getty Images

What if I get it wrong?

Revenue LPT branch manager Katie Clair said that 97% of homeowners are compliant, so if there’s any discrepancy in your self-assessment, the Revenue will engage with you in good faith in the first instance.

We have over 97% compliance with LPT, and the documentation that people provide or retain when they submit their valuation to Revenue, it does support the valuation that they have given their property, but if the information can’t be supported, Revenue will engage with the owner to agree a revised valuation,’ Ms Clair told Today with Claire Byrne.

How do I submit my self-assessed valuation?

The best way to submit your valuation is through the myAccount section of the Revenue Online Service at Revenue.ie or directly through the Local Property Tax portal.

For all of Extra.ie’s property news please sign up to our weekly property newsletter HERE.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Soziologin: Stille Triage ist ethisch verheerend

© KEYSTONE/AP/Keith Birmingham Überfüllte Intensivstationen wegen Covid-19 führen stillschweigend zu einer Selektion der zu behandelnden Patienten. Diese stille Triage sei ethisch verheerend, sagte Tanja Krones, Mitglied der Nationalen Ethikkommission, in ... Read more »

Steve Wozniak reunited with rare Apple I motherboard in Dubai

© Provided by The National Steve Wozniak with a rare Apple I motherboard in Dubai. Photo: The AAPL Collection Apple co-founder Steve Wozniak was reunited with a piece of history ... Read more »

Allow Maria Ressa to receive Nobel Peace Prize in Oslo

DEPUTY Speaker and Cagayan de Oro City Rep. Rufus Rodriguez has stated Friday Rappler Chief Executive Officer Maria Ressa should be permitted to go to Oslo, Norway, to accept the ... Read more »

Tacoma mall shooting: 1 person shot, sending shoppers scrambling for safety

One person was shot at the Tacoma Mall in Washington state on Friday night, sending shoppers scrambling for safety, officials said. © Google The Tacoma police department said the victim ... Read more »

Long overdue for perpetrators of Mumbai attacks to face justice: US Secretary Blinken

While praising the resiliency of Mumbaikars on the 13th anniversary of the 26/11 terror attacks, US Secretary of State Antony Blinken has emphasised the need for a speedy trial of ... Read more »

Doja Cat says she feels ‘pressured' in the music industry: ‘I'm doing all this s*** that I don't wanna do'

Doja Cat says she feels ‘pressured’ in the music industry: ‘I’m doing all this s*** that I don’t wanna do’ Singer Doja Cat has revealed that she is not happy ... Read more »

Single day rise of 8,318 Covid infections takes India's active cases to 1,07,019, lowest in 541 days

India reported 8,318 fresh COVID-19 cases in the last 24 hours, informed the Health Ministry. As many as 465 people succumbed to the COIVD-19 infection in the country in the ... Read more »

Delhi air in 'very poor' category, expected to improve from Nov 29; minimum temperature 10.2° C

The air quality index (AQI) in Delhi was recorded in the ‘very poor’ category on Saturday morning, according to data issued by the <a href="/tag/central-pollution-control-board”>Central Pollution Control Board. It is ... Read more »

Syarikat penerbangan diarah turun harga tiket domestik

© Provided by Free Malaysia Today Malaysia Airlines berkata ia akan menambah penerbangan ke Sarawak bulan depan, sekali gus berupaya mengurangkan kadar tambang ke negeri itu. PETALING JAYA: Kementerian Pengangkuan ... Read more »

JP Nadda likely to attend Inter-Party Conference organised by Russia virtually ahead of Dec 6 summit

BJP President JP Nadda is likely to virtually attend an Inter-Party Conference being organised by the ruling United Russia Party to further boost strategic partnership ahead of the December 6 ... Read more »

‘Segelintir' pendukung MN dibuai kerusi empuk, rasa selesa berkuasa, Tok Mat jawab Hadi

© Provided by Free Malaysia Today Wadah kerjasama Muafakat Nasional harus menjangkau politik, menjadi medan segala kepentingan Melayu-Islam dibincangkan, menurut Mohamad Hasan. PETALING JAYA: Segelintir pendukung dalam Muafakat Nasional (MN) ... Read more »

French trawler crews to block ports in row over post-Brexit fishing permits

French trawler crews are planning a series of port and cargo terminal blockades Friday in their push for a political decision over their right to take their trawlers into British ... Read more »

Ex-Trump adviser is out at Newsmax after criticism of vaccine mandates clashed with the right-wing outlet's policy, report says

Rally goers hold signs protesting vaccines at the “World Wide Rally for Freedom”, an anti-mask and anti-vaccine rally, at the State House in Concord, New Hampshire, May 15, 2021.JOSEPH PREZIOSO/AFP ... Read more »

Why the New Coronavirus Variant Triggered Selloffs in Bitcoin and Stocks

After scientists identified a new variant of the virus causing Covid-19, countries restricted travel to and from southern Africa. WSJ’s Anna Hirtenstein explains that investors have turned to bonds and ... Read more »

Terence Lewis ignores Malaika Arora as Nora Fatehi arrives on India's Best Dancer, Geeta Kapur says ‘close your mouth'

© Provided by Hindustan Times Terence Lewis and Nora Fatehi on India’s Best Dancer season 2. Nora Fatehi will be the guest this weekend on dance reality show India’s Best ... Read more »

Bigg Boss 15: Rakhi Sawant's husband Ritesh reveals they ‘met on WhatsApp', she blocked him initially

© Provided by Hindustan Times Rakhi Sawant has entered Bigg Boss 15 as a VIP. Rakhi Sawant has finally introduced her husband Ritesh with her entry on Bigg Boss 15. ... Read more »

Jacqueline Fernandez's romantic selfie with conman Sukesh Chandrasekhar sparks controversy

© Provided by Zee News New Delhi: Jacqueline Fernandez has found herself in a new controversy after a picture of her and conman Sukesh Chandrasekhar surfaced on social media and ... Read more »

'Yodha Begins': Sidharth Malhotra shares glimpses from muhurat shot for Karan Johar's actioner as shoot starts

After a long wait, fans of Sidharth Malhotra have been on cloud nine as the star has had a great year with the success of his film, Shershaah. Now, Sidharth ... Read more »

Vicky Kaushal's cousin dismisses rumours of wedding with Katrina Kaif, says 'it's not taking place'

© Provided by Jagran English New Delhi | Jagran Entertainment Desk: As December is nearing, the rumours around Katrina Kaif and Vicky Kaushal is getting rife. Ever since Vicky confessed ... Read more »

Malaika Arora, Akansha Ranjan and Kubbra Sait Perform Yoga Asanas, Sweat It Out Together

© Provided by News18 Bollywood’s Yoga idol Malaika Arora, along with Akansha Ranjan and Kubbra Sait had a great time during their yoga session recently as the three divas sweated ... Read more »

Man Utd and Liverpool braced for transfer battle as teenage wonderkid refuses contract

Manchester United and Liverpool may be fierce rivals on the field, but the pair often battle away from pitch as they regularly tussle for talent in the transfer market. This ... Read more »

Sara Ali Khan thanks 'Atrangi Re' director Aanand L Rai for her character 'Rinku' opposite Akshay Kumar and Dhanush

© Provided by DNA Sara Ali Khan took to her social media on Thursday to express gratitude to Aanand L Rai, who has helmed Sara’s next film ‘Atrangi Re’. She ... Read more »

On Suchitra Krishnamoorthi's Birthday, Watch 5 Memorable Tracks by the Singer

© Provided by News18 Suchitra Krishnamoorthi, the lovely actress who rose to fame with Kabhi Haan Kabhi Naa, turns 46 this year. This Bollywood actress has a beautiful voice and ... Read more »

India's Paytm Sept net loss widens, says maintains growth momentum

© Reuters/FLORENCE LO FILE PHOTO: The interface of Indian payments app Paytm is seen in front of its logo displayed in this illustration picture By Sankalp Phartiyal and Nupur Anand ... Read more »

Country diary: I think it's an earthquake – but it's not coming from below

I’ve collected four boys from school today – my son and three playmates. Intending to eke out an afternoon of delicious sunshine, I drive us and the dog to the high point ... Read more »

Road test: the Volvo XC40 has style and substance

Walk into a Volvo showroom and you’ll notice two things. One is that the S60 is now the company’s only saloon, as Volvo has virtually become an SUV company; and ... Read more »

Kolkata Municipal Corporation Elections 2021: Full list of TMC councillor candidates

© Provided by The Financial Express The TMC in the last KMC polls in 2015 had won 126 seats, and 87 sitting councillors have been renominated. TMC Councillor List 2021: ... Read more »

EPF contributions will stop from December if you don't do THIS

© Provided by Zee News New Delhi: The Employees Provident Fund, or EPF, is an important aspect of any corporate employee’s working life, and there are a few things to ... Read more »

281 test Covid-19 positive at Karnataka college, Health Minister Sudhakar rules out imposing curbs

File photo of Karnataka health minister K Sudhakar On Saturday, Karnataka health minister K Sudhakar said that SDM College of Medical Sciences in Dharwad district of the state has become ... Read more »

India reports 8,318 new Covid-19 cases; death toll up by 465

© Provided by Hindustan Times India reports 21,14 per cent less daily rise in Covid-19 cases on Saturday. (HT File Photo) India on Saturday recorded 8,318 new cases of the coronavirus ... Read more »

UP Police Admit Card 2021 for SI and ASI posts released, download link here

Uttar Pradesh Police Recruitment and Promotion Board, UPPBPB has released UP Police Admit Card 2021 for SI and ASI posts. Candidates can download the admit card through the official site ... Read more »

Sovereign Gold Bond Scheme opens on Monday. Issue price, other details here

The Sovereign Gold Bond (SGB) Scheme 2021-22 – Series VIII will open for subscription for five days from Monday, November 29, according to the Reserve Bank of India (RBI). The ... Read more »

PIP: Britons can check whether they qualify for £608 payment using easy online tool

PIP is for anyone who is living with a health condition or disability that affects their everyday life and is awarded by the Department for Work and Pensions (DWP). It ... Read more »

France begin 2021 Davis Cup quest with victory over Czech Republic

France launched their quest for an 11th Davis Cup on Thursday night with a 2-1 victory over the Czech Republic in Innsbruck. The opening singles match in the men's national ... Read more »

WK: EU drug watchdog approves Pfizer Covid vaccine for children aged 5-11

The EU's drug regulator has approved this week the use of Pfizer-BioNTech's Cocid vaccine for use in children between the ages of 5 and 11 in a decision that comes ... Read more »

Markets plunge and oil crashes as traders panic over new Covid variant

NYSE trader The FTSE 100 suffered its worst fall in nearly 18 months on Friday and stock markets plunged around the world owing to fears that a new variant of ... Read more »

Why the omicron Covid variant is the most concerning so far

The new variant has a large number of mutations which could help it dodge immunity and make it more infectious Of all the variants so far, B.1.1.529 is causing the ... Read more »

China issues warrant for Suncity boss over illegal gambling

The Associated PressThe website for Suncity Group is seen on a computer screen in Beijing, China, Saturday, Nov. 27, 2021. Chinese authorities have issued an arrest warrant for the head ... Read more »

No cases of Omicron COVID variant reported in US so far, CDC says

The CDC is monitoring variants, as they expect Omicron to be identified quickly if it emerges in the US. AP No cases of the new COVID–19 Omicron variant have been ... Read more »

National Command Council meeting moved to Saturday

© Provided by eNCA JOHANNESBURG – President Cyril Ramaphosa is convening the National Coronavirus Command Council. It comes amid growing concerns over the increase in new infections and the impact ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic