Local Property Tax is a self-assessed tax based on your property’s market value. Until recently, all Local Property Tax costs have been calculated using the prior property assessment date.
The next property valuation date is 1st November 2021, according to the most recent revisions to LPT released in June 2021. For the 2022 Local Property Tax charges, property owners must submit a revised self-assessed valuation of their property based on the new assessment date of 1st November 2021.
If you sell your home after 1st November 2021, you will be responsible for the Local Property Tax in 2022.
Housing prices will be reassessed every 4 years under the current LPT system, and new properties will be added to the system every November.
Local Property Tax is payable by all holders of residential land, including rental homes. As a result of the current LPT system, first-time purchasers and new houses purchased since 2013—which were previously free from LPT—will be responsible beginning 1st November 2021.
The following is a list of individuals that are liable for Local Property Tax:
Individuals with a …