Big news this week for the property market as homeowners are now given the task of valuing their properties under new legislation kicking in in November this year. Changes to Local Property Taxes means Revenue has been tasked with closely monitoring home valuations and placing their trust in property owners to assess the value of their assets accurately under the new system.
What does this mean for the investor?
For over 50%, there will be no noticeable change in charges, but basically the new system will see taxpayers value their homes using a number of factors such as Revenues interactive property map and the Property Price Register before the upcoming November deadline. You will be allowed to make use of the media in order to help decide on the value of your homes by viewing house prices in newspapers and online.
Investors and Homeowners alike will need to take their time with this new task as those who value their property inaccurately will be followed up by the Revenue Commissioners.
The aim for these changes is to bring the 100,000 or so homes that have been built since 2013 into the property tax net.
The changes will also see all properties revalued every four years, as opposed to every three years, with all homes being revalued on November 1st this year.
Additional changes include an end to tax exemptions for those living on so-called ghost estates and the temporary exemption for pyrite-damaged homes in eastern counties and Limerick will also be phased out. Currently houses vacated by their owners due to illness are currently not liable to local property tax on the condition the property remains vacant. This is also due to end.
There are also changes to Income limits which allow people to defer payment of property tax. These are being increased from €15,000 to €18,000 for a single person and from €25,000 to €30,000 for a couple.
You can find all the updated details of the new system on Revenue’s website at www.revenue.ie
As always if you need any assistance with your property needs, please don’t hesitate to contact us here at KPM Group and a member of staff will be happy to help in any way we can.