05/12/2012

- Local Property Tax (LPT)

New Local Property Tax (LPT) budget 2013

Local Property Tax

Property tax on residential properties to be introduced from 1 July 2013. The main features of the tax will be as follows:

• The Revenue Commissioners will collect the Property Tax. 
• Tax imposed on market value as assessed by the owner. The initial valuation will be valid up to and including 2016.
• Valuation guidance will be issued by the Revenue Commissioners.
• Property tax will be levied at 0.018% for the first €1,000,000 and 0.025% thereafter.
• Properties with a value of more than €100,000 and less than €1,000,000 will be assessed at the mid-point of valuation bands of €50,000 width.
• Properties valued in excess of €1,000,000 will be liable at 0.018% on the first €1,000,000 with no banding applied.
• Rates to remain unchanged for lifetime of government.
• Using an example of a property in the €150,000 - €200,000 threshold the half year charge in 2013 will be €157.

Liable Persons

 Owners of residential properties, including rental properties, will be legally responsible (“liable persons”) for payment of the tax.
 The liability will rest with the tenant in the case of long leases (over 20 years) or life tenancies.
 Co-owners will be jointly and severally liable for the tax.Assessment System
 The Local Property Tax (LPT) will operate through a system of self-assessment and self-declaration by liable persons.
 The Revenue Commissioners will have responsibility for all administration, collection, enforcement and audit aspects of LPT.
 Normal Revenue enforcement and collection procedures will apply to the LPT

Read More…

Local Property Tax Calculator : http://budget.gov.ie/Budgets/2013/LocalPropertyTax.aspx

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