localpropertytaxadvice

Local Property Tax (LPT) Advice

Local Property Tax (LPT)

This annual charge was introduced back in 2013 and it is relevant to you if you own a RESIDENTIAL PROPERTY in the Republic of Ireland, have a long-term lease over 20 years, or a life interest in the property for more than 20 years. This is a self-assessment tax, so you calculate the tax based on your own assessment of the MARKET VALUE of the property. You pay every year based on the valuation on 1 May 2013.

Market value bands determine the amount payable. The rates introduced in 2013 still apply and will continue until 1 November 2019 – but some Local Authorities have made adjustments downwards depending on your location. You can view a table of all LPT rates including the local adjustment factor on www.revenue.ie.

What are the rates? 

0.18% on the first €1m and

0.25% on the portion of the value over €1m

Rental Properties: 

Where the residential property is rented on a normal short-term lease – LESS THAN 20 YEARS – THE LANDLORD WILL BE LIABLE.

Dates: 

FOR 2018 THE LIABILITY DATE IS 1 NOVEMBER 2017.

Payments: 

There are various options outlined on Revenue’s website and the date for a single debit authority is 21 March 2018. Payment is made online via ROS. 

Bear in mind that if you do not pay the LPT, Revenue apply a surcharge to your Income Tax bill even if you file your Tax return on time, so be mindful of this.