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Valuation For New Property Tax

The Government having introduced the property tax in the last budget shall begin implementing it through the Revenue Commisioners so if you are the owner of any residential property on 1 May 2013 tax will be applicable for half the year of 2013 however by 2014 the full rate of property tax levied shall be applicable. From 2014 the ownership of a property shall be deemed to be a date set in November of the preceeding year by the Revenue.

The new tax will be based on the valuation of your house and this is where perhaps complications may begin. How to value your property? Who to value your property? The onus is on the owner of the property to establish a fair valuation. The Revenue will be issuing valuation guidelines when they write to each property owner later this month (March). If your property has certain unique features: is smaller or larger than the average for your area; if it is in a significantly poor state of repair; or has exceptional features: any of these issues will factor into the assessment of the valuation of your property.

It is very important that property owners get the value of their property correct because this is the valuation that will be used for each year up to and including 2016. (4 years).

There a number of exemptions available in certain circumstances to avoid paying the tax these are:

First time buyers are exempt until 2016 if property is purchased before 31/12/2013 Unsold properties constructed and owned by a builder Ghost estates properties, “unfinished estates” Houses with significant pyritic damage Houses owned by charities and registered nursing homes Mobile homes Homes adapted for disabled persons Certain hardship cases Properties subject to commercial rates There a number of key dates which the Revenue have provided in terms of the tax which are as follows

1 May 2013 – Property Valuation and Ownership Date 7 May 2013 – Due date for submitting paper Returns 28 May 2013 – Due date for submitting Returns on-line 1 July 2013 – Commencement of phased payments 15 July 2013 – Commencement of Direct Debit payments 21 July 2013 – Single Debit Authority Payment deducted

The revenue commissioners have confirmed that landlords are obliged to pay the Local Property Tax and shal not be allowed to make deductions in the calaulation of rental profits.

If you are in doubt about the value of your property or want some advice on the new Local Property Tax get in touch on 045 856604 or send us an email at

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