With two key property tax deadlines approaching in November, Revenue has issued important reminders to Irish homeowners. Failure to comply with the new Vacant Homes Tax and existing Local Property Tax can lead to penalties. Read on to learn more about each tax and the steps homeowners need to take before the looming due dates. Time is running out to evaluate your property’s status, submit necessary returns, and arrange payments. Heeding Revenue’s timely reminders now can help avoid stress later.
New Vacant Homes Tax Must Be Paid By 7 November
The Revenue Commission has issued an important reminder to homeowners about the upcoming deadline for the new Vacant Homes Tax. Introduced in Budget 2023, the tax targets approximately 60,000 unoccupied properties across Ireland.
Homeowners with vacant properties occupied for less than 30 days as of 1 November must take action by 7 November to begin the self-assessment process and payment of the tax. The rate will be set at three times the Local Property Tax.
The aim is to encourage more vacant homes back into the rental market or for sale to ease the housing shortage. Revenue stresses it is “very important” for homeowners to determine if they need to pay and submit the tax, even if they did not receive a letter.
25,000 Letters Sent Outlining Steps for Tax Return
While there is currently no central database of vacant homes, Revenue has written to 25,000 identified property owners advising them of the specific requirements to file a Vacant Homes Tax return.
Exemptions apply in certain cases like refurbishments or holiday homes. But ultimately, the onus remains on each homeowner to assess, declare, and pay the tax as applicable.
According to Revenue documents, a vacant house valued at €300,000 will owe €945 based on the increased rate. Further penalties may apply for non-compliance.
800,000 Reminded to Set Up Local Property Tax Payment
In a separate reminder, approximately 800,000 homeowners have been contacted by Revenue about arranging their Local Property Tax payments for 2023. The deadline is fast approaching to get set up ahead of January.
The tax now applies to all newly built or refurbished homes occupied from 2 November 2022 to 3 November 2023. Property buyers in this period must value their home as of 1 November 2021 to calculate the tax.
Guidance for submissions is available on the Revenue website. All residential property owners are urged to review the information and ensure they comply with both the Vacant Homes Tax and Local Property Tax ahead of the looming deadlines.
Seeking Property Management in Ireland?
With important property tax deadlines approaching, many homeowners could benefit from professional guidance and services. For over 20 years, KPM Group has offered reliable property management across Ireland. Their experts stay up-to-date on the latest regulations and requirements.
Whether you need assistance valuing your home, liaising with Revenue, or managing vacancies, KPM Group has the experience to help. Their nationwide reach and comprehensive capabilities make them Ireland’s premier property management provider.
To learn more about KPM Group’s services, contact their friendly team today. Discover how they can help ease the burden of property ownership and ensure full compliance.
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