Millions of Homeowners Miss Local Property Tax Valuation Deadline
More than 1.5 million homeowners have yet to complete their Local Property Tax (LPT) valuation ahead of the approaching deadline. They must revalue their properties and specify their payment method by the end of next week to avoid penalties.
Upcoming Local Property Tax Valuation Deadline
The deadline for homeowners to revalue their properties is approaching fast. Revenue has set Saturday as the final day for property valuation. Following that, homeowners will have until the end of next week to indicate their payment plan for the Local Property Tax.
Current Filing Status
- Approximately 550,000 LPT returns have been filed so far.
- Over 1.5 million homeowners still need to complete their valuations.
The delay in filings comes amid concerns that the tax may rise due to inflation. Revenue’s Katie Clair reassured the public that most homeowners can expect a minimal increase in their tax burden, typically around €20 to €30.
Understanding Local Property Tax Adjustments
According to Clair, recent changes to property valuations and tax rates mitigate significant increases. The valuation ban for LPT has expanded, while the tax rate has decreased from 0.1% to 0.09%. As a result, the majority of properties will not see substantial hikes in their LPT charges.
Advice from Financial Experts
Financial Advisor Karl Deeter offers clarification on the LPT process. He emphasized that homeowners need to estimate the cost of their home rather than provide an exact market value. The objective is to understand where their property stands within the local market mix.
Technical Issues Resolved
Earlier this week, some users experienced issues with the Revenue’s LPT portal. Fortunately, these technical glitches have now been fixed, allowing homeowners to complete their valuations smoothly.
Conclusion
Homeowners should prioritize completing their Local Property Tax valuations before the impending deadline. With more than 1.5 million filings still outstanding, it is crucial to take action now. Ensure you understand the new valuation guidelines and address any concerns regarding possible tax increases.
