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 long-term lease tenancy in a rental housing for more than 20 years.
•  Anybody with a vested interest in owning a home. 
• Anybody who resides outside of Ireland but owns a home there. 
• Local governments and non-profit housing groups. 
• A beneficiary of an estate who is a legal representative of a dead property owner. 
• When a property is kept in trust or rather where trustees are involved.

However, some properties are exempted from Local Property Tax. For instance;

• Any property developed and owned by a given individual i.e. A builder or a developer, but has not be sold yet.
• Properties that have remained unoccupied, commonly known as ghost estates.
• Vacant properties or homes that were left by the owners for one year or more due to health conditions.

 

What is the Payable Amount for LPT?

The 2022 payable LPT amount arrived at considering;

1. The valuation of that given property as at November 1st 2021.
2. The Local Property Tax that is being applied by your location’s authorities.

 

When property values are revalued based on 1st November 2021 valuation, the revised Local Property Tax system will bring a lower rate and expanded tax ranges to guarantee that most residents will not see a rise in tax payment. Despite considerable gains in property prices since 2013, the bulk of rises will be confined to a single bracket of €90.

How can you make the payments?

Sign up on Local Property Tax Online and set up your chosen payment method. You may schedule payments for several times using the service, so you shouldn’t have to tress up for missing any payments. Those possessing several properties are also required to set up their online payment.