Record Spike in Property Tax Return Filings as Deadline Approaches

As the deadline approaches for local property tax return filings, significant activity has been observed among property owners. Over one million filings were recorded by Tuesday afternoon, with a major surge in submissions in the last week.

Record Spike in Property Tax Return Filings

The deadline to submit property valuations to the tax authority is scheduled for this Friday, November 7. This year’s filings have seen notable growth, with filing activity nearly doubling since last Wednesday. As of last week, just over 500,000 returns had been submitted, but this figure has skyrocketed in recent days.

• More than 1 million property tax returns have been filed this past week.
• Peaked at nearly 80,000 returns filed in a single day as of Tuesday.
• Two million properties are subject to Local Property Tax (LPT) across the state.

Challenges and Concerns

Concerns have also arisen regarding property valuation increases. Residential property values have increased by 36% since the last valuation conducted four years ago. Tommy Walsh, a tax partner at Orbitus, warned that this surge could result in higher property tax bills for many households.

Implications of Increased Valuations

Local authorities have taken advantage of the allowance to raise property taxes by a maximum of 15%. Revenue has indicated that new property valuations will be in effect for LPT from next year. Homeowners are urged to evaluate their property accurately, considering various factors, as the valuations provided on the Revenue website are merely guidelines.

Payment Options

To accommodate property owners, multiple payment options are available:

• Full payment via credit or debit card or cash through providers like An Post or Payzone.
• January 9 is the payment deadline for other payment methods.
• Monthly direct debits will begin processing their first payments on January 15.
• Deductions at the source, including salary or pension payments, will commence in January.

Property owners are encouraged to file their returns promptly, taking advantage of the available support and resources.