As of this year an annual self-assessed Local Property Tax will be charged on the chargeable value of residential properties, subject to certain exemptions. The current rates of local property tax are set out below. A half year charge applies for 2013 with payment due on or before 1 July 2013.
Where the chargeable value:
- Does not exceed €1,000,000, the rate is 0.18%. Chargeable values under €1,000,000 are organised into bands with the tax applied on the mid-point of the relevant valuation band.
- Exceeds €1,000,000, the rate is:
- 0.18% for that part of the chargeable value of the property which does not exceed €1,000,000
- 0.25% for that part of the chargeable value of the property which does exceed €1,000,000
Revenue has published a Valuation Guide which provides indicative chargeable values. Revenue are also issuing estimates to property owners. However these are for assistance only. Local Property Tax is a self-assessed tax requiring property owners to honestly assess the market value of their own property.
Revenue has indicated that they will challenge cases where deliberate under-valuation occurred and penalties apply in such circumstances. There is a requirement for any Local Property Tax, penalties and accrued interest to be paid before the completion of a sale. Unpaid amounts will be a charge on the property to which it relates.