Revenue has confirmed that it is contacting over 1.4 million property owners directly, to explain the three things they need to do to meet their LPT obligations for 2022.
Determine the market value of their property as at November 1
Submit their LPT Return including their valuation by November 7
Pay or make arrangements to pay their LPT Charge for 2022.
LPT is a self-assessed tax. This means that people need to self-assess the value of their property at November 1. The valuation of property on this date will determine the amount of LPT they pay for 2022 and for the three years from 2023 to 2025. Revenue has provided an interactive tool and information to help people determine the value of your property and meet their LPT obligations.
Many people do not know how to access details regarding notifications they have been receiving from Revenue. Because of the number of queries already received from people not used to using online services, Payroll Matters in Ireland are complementing Revenue’s and Citizens Information guidance by assisting people in the Facebook group Payroll Matters in Ireland with issues they may encounter during this process.
The very popular Facebook Group Updates Ireland has been instrumental in supporting Payroll Matters in Ireland with disseminating information for helping people to come to grips with their LPT obligations for 2022. The most recent posts about the Local Property Tax and the Local Adjustment Factor for Local Property Tax have attracted in excess of 180 likes/dislikes, 450 comments and 200 shares in less than 36 hours in this Facebook Group alone.
Because one of the options for paying this tax is through payroll, Payroll Matters in Ireland is advising people to use the interactive tool when they receive Revenue’s notice, rather than waiting for the November 1 to value their property and determine the LPT.
If there were to be 1.4 million people trying to access the interactive tool on November 1, you can be guaranteed problems with access and long delays. People can have their LPT calculated without having to make payment, as payment only becomes due from January 1. They can also arrange for payment before January if they wish. In order to calculate LPT, together with Revenue’s Online Valuation Tool, there are two tables as outlined below that you need to refer to.
Valuation Bands and Basic Rates for Valuation Period from 2022 to 2025
Local Adjustment Factor for Local Property Tax
These Revenue notifications are been issued at the moment in either hard copy paper format or soft copy email. Many middle aged and particularly older people are confused and becoming stressed over how they will complete the process. Payroll Matters in Ireland will continue to address peoples concerns.
It should be noted that “doing nothing” may not be a good option as some of the band structures have been revised and some LPT charges have been revised downward.
For example in my case if I did nothing I would continue to be charged at €225 per annum instead of my revised LPT rate of €90 per annum.
