août 13, 2022


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Revealed: 380,000 defies revenue rules by failing to update property tax values

Hundreds of thousands of homeowners have defied revenue by not filing a new property tax assessment for their homes.

Calculations based on figures from the IRS show that 380,000 homeowners have so far failed to file a new return on revenue to assess their homes for taxes.

This means that about one in five homeowners have not submitted an updated assessment, and some will likely underpay the tax.

The revelation comes with tax payments due on Wednesday for those paying by cash or check.

Last year, Revenue required every homeowner in the state to file a return with a new appraisal of their home by the first week of November.

The fact that many of them have failed to file a return with an estimate of the latest value of their home means that some of these people are likely to have underpaid the tax.

Revenue stressed that even among people who failed to file a return for a new home appraisal, some had paid the tax since it was filed.

But their failure to provide an updated appraisal means they pay a local property tax (LPT) based on 2013 property appraisals.

The tax rate was lowered this year and the assessment ranges widened.

This means that not everyone will pay more taxes despite the increase in home values ​​in the decade.

But officials are keen to get an accurate picture of home values, to ensure people aren’t paying too little.

“The return compliance rate for LPT for 2022 is currently 81%, while the payment compliance rate is 91%,” said Chief Revenue Officer Niall Cody.

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« I strongly encourage property owners who have not yet paid, made payment arrangements, or have not already filed their LPT acknowledgment to do so now, » he added.

The fact that only 82% of homeowners of an estimated two million homes have complied by filing a new assessment return means that about 380,000 have yet to do so.

Asked about the penalties that would apply to those who do not submit a new appraisal, Revenue said a number of homeowners have been in contact with her, in an effort to file returns.

Some have problems about confirming home ownership.

She said she realized that some people are under financial pressure at the moment.

It will consider imposing penalties on non-compliant homeowners when the pandemic subsides.

And Revenue insisted, despite the allegations, that most people do not try to « manipulate » the tax by intentionally underestimating the value of homes.

The latest statistics show that 54.2% of those who submitted a return with a new valuation said their homes were worth less than €262,500.

This is despite property prices rising 13.5% in the year to October.

A number of people at RTÉ’s . said Liveline They underestimated the value of their homes because they did not agree to the tax.

Research by the IRS shows that LPT ratings provided by property owners closely follow the prevailing average sales.

« In the vast majority of local authority areas, the average sales price falls within the LPT median sales price range, » a spokeswoman said.

The average evaluation range for LPT properties is €200,001 to €262,500.

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Revenue research found that the average sales price at the end of last year was €295,000.

« Slight differences are expected between LPT valuations and recent sales prices given the nature of the two data sources being compared and the characteristics of the property market in Ireland, » the research said.

People who choose to pay tax for a full year in cash or by check must do so by Wednesday.

It is scheduled to deduct the tax as of this month from the wages and pensions of those who pay the tax in interim installments.

Regular cash payments are also deducted through the payment service provider.

From January 15 Monthly direct debit payments start and continue on the 15th of each month.

Anyone paying by credit or debit card will have the amount debited from the card accounts once the transactions are completed.

Those who opt for the annual debit instruction will see the money come from their bank account on March 21, unless they specify it will come out before that date.