Submitting Your Property Tax Valuation and LPT

Revenue has revealed that over 300,000 homes have not submitted their property tax valuation. Even with the deadline extension for the valuation submission, homeowners who have not yet submitted could face large penalties from Revenue. As we are emerging and living with Covid-19, the financial impact that the pandemic has on the population is substantial. Revenue has since lowered the tax rate and widened valuation bands. This aims to decrease any tax surges homeowners will pay despite the increase in property values in the decade. Penalties for not submitting could lead to large interest rate penalties. Revenue could impose interest rate charges of 8% a year on the amounts it is owed. If you self-assess your income tax, you should also be aware of the surcharges if you are not fully compliant with your LPT obligations. Even if your income tax return is filed on time, a surcharge can apply if you have not filed all outstanding LPT returns, if LPT is not paid that is due. If you need more information regarding this please click here. To avoid these penalties, read below on how to value your property and submit your Local Property Tax (LPT).  

Conducting Your Property Tax Valuation

Revenue have provided an interactive valuation tool where you can value your property. Simply enter your Eircode or Address and it'll provides an interactive map on the average valuation band for properties in the area. This tool is a great starting point to get a baseline of your property value. Other sources to guide you to your property valuation is the Residential Property Price Register, newspapers and media, local estate agents and commercial property sales websites like daft.ie and myhome.ie Consider your property, compared to similar properties in size, age, location. Try to grab a base of comparisons to get the most accurate value. Also consider your land associated with your property such as gardens, driveways etc. Check out other factors that may affect your valuation here. Keep a record and copy of all the documentation and sources used for valuating your property. Revenue may request these from you when reviewing your submission. If you aren't feel comfortable valuating your property, you can ask a professional valuer to provide you with the valuation. They will also provide supporting documentation such as the type, size and condition of the property.  

How to Submit your LPT

Submitting your LPT online in Revenue’s myAccount, Revenue Online Service or LPT online service is the easiest option. If you are unable to submit your LPT online, Revenue will issue a paper form to people who have not used one of Revenue’s online services before and have not paid LPT using a recurring payment method. If you are unable to submit online and have not received a paper form you can contact Revenue’s LPT Branch.   Contact us if you wish to book a consultation to discuss your business needs and tax,.