71.82 F
June 20, 2024
PI Global Investments

Thousands have yet to pay property tax with rush of payments expected before this week’s deadline

The deadline comes at a time when household budgets are recovering from the Christmas spending splurge.

Those who pay in cash, through a service provider in a post office, or with a credit or debit card have until Wednesday of this week to pay the local property tax.

Close to 600,000 people use these payment methods to discharge the tax bill.

It is thought that most of these people have yet to pay, with Revenue now expecting a rush of payments in the coming days.

It is understood that a number of homeowners have yet to file a return for the property tax where they outline how they intend to pay it.

Last November, Revenue wrote to 800,000 homeowners reminding them to set up a payment method for the local property tax (LPT).

People who are paying the property tax for the first time and those who paid it for this year, but did not put in place a recurring payment method, need to choose a payment method.

Anyone who owned a home on ­November 1 last year is liable to pay the tax for this year.

Those who have just bought a property need to submit a valuation for it as part of the LPT return.

Just over 1.9 million properties are liable for the tax.

Last year, 9,364 properties became liable for the tax for the first time in respect of 21,200 properties.

This means a large number of these were multi-unit properties with one owner. Monthly direct debit payments for next year’s LPT payment start this month from Monday, January 15, and continue on the 15th of each month.

For those who pay the full amount of the property tax in one go – through what Revenue calls an annual debit instruction – the payment will be taken on March 21.

People can also choose to have LPT payments deducted from their wages, occupational pension and other sources.

Asked for details on the numbers who have paid so far – and the number who have not paid yet – Revenue said it will be publishing LPT statistics after the payment deadline.

“In the interim, a radio campaign reminding property owners about the LPT payment deadline was launched this week,” Revenue said.

“In addition to which we have been issuing regular reminders on our social media channels.”

Property owners who fail to pay the tax may be subject to a range of collection and enforcement actions by Revenue – including mandatory deduction at source from salary or pension, Revenue said.

It also has powers to withhold a tax clearance certification, can apply surcharges on income tax, corporation tax and capital gains tax returns, or can offset other tax refunds against LPT arrears.

The latest LPT statistics from Revenue show that 54pc of homes in the State have been valued at under €350,000 for property tax purposes.

Properties valued at between €262,501 and €350,000 incur an annual property tax bill of €315.

Source link

Related posts

Property for sale in Ilminster: Four bedroom house


Barbecue Chicken-To-Property Tycoon Aims To Create A Global Hotel Empire


Sickness in property sector reaches new highs and burnout to blame


Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.