An annual Local Property Tax (LPT) is charged on the market value of all residential properties in the state. The charge applies whether the property is owner occupied or an investment residential property.
LPT is effective from 1 July 2013 and will be calculated by reference to the market value of the residential property at 1 May 2013,
The amount of LPT due for 2017 depends on the value declared for the property on 1 May 2013 and the LPT rate applying to the property for 2017. Property values are organised into valuation bands. The tax liability is calculated by applying the tax rate to the mid-point of the band. The rate of LPT is 0.18% for properties up to a market value of €1m. Residential properties valued over €1m are assessed at the actual value at 0.18% on the first €1m in value and 0.25% on the portion of the value above €1m (no banding applies).
It is important to note that if you have not filed and paid your LPT a late filing penalty will be applied when you are submitting your personal or corporate tax return.
For assistance with your LPT filing and payments please contact a member of our team.
Read our Tax Blog to find out:
LPT charge for 2017:
Key dates for paying your 2017 LPT charge: