With the recent overhaul of the Property Tax System in Ireland comes new responsibilities for homeowners to get their properties valued before the deadline of November 7th 2021. Here are a few more points you should be aware of under the new system.
Exemptions
There are certain cases where you may be exempt from paying any Local Property Tax on your home, such as houses affected by Pyrite or Mica damage, Nursing homes or properties owned by Charities. For a full breakdown of these exemptions, please see the following information on Revenues website – More Information
In any case, you will now have to submit your properties valuation and then claim the exemption, whereas previously you did not have to claim for it. More information can be found at the following link – More information
Valuation
More than ever, it’s important to get this step right. Revenue has provided tools on its website to aid you in the valuation process, however, it has been noted that there can be wild discrepancies in the value of properties in the same area.
There are many ways to value your property yourself if you do not want the cost of a professional valuation including reference to online sales tools like Daft and MyHome, or local estate agents and print media. Any references used in the valuation should be kept on file as Revenue are likely to review many self-assessments and can challenge your valuation should they feel it is below the market value. You will be able to amend your valuation after the November 7th deadline.
Don’t forget the garden
Your garden space and any outhouses/buildings have to be taken into account when submitting your self-assessed valuation. If you are lucky enough to have over 1 acre of land, then only the first acre needs to be taken into account. All of these things need to be considered when valuing your property. Again more information is available on Revenue’s website.
Defer your Property Tax Payment
An increase in the income thresholds for such deferral means you may now be able to defer paying your property tax even if you couldn’t before. The income thresholds are now €18,000 for a single person and €30,000 for a couple where no mortgage exists. A further allowance is permitted for those with mortgages as long as the mortgages were taken out before November 2020. More information on deferrals can be found at the following link: More Information
If you are a property investor in Ireland looking for advice, please don’t hesitate to get in touch with KPM Group today. We have over 25 years of experience in Property Management in Ireland and will be happy to help you in any way we can.
