Revenue has reminded residential property owners about Local Property Tax (LPT ) and Vacant Homes Tax (VHT ).
LPT for 2024
The LPT on a residential property for 2024 is based on the valuation of the property at 1 November 2021. Revenue is currently writing to 800,000 property owners to remind them to set up their payment option for 2024. The easiest way to do this is online through one of Revenue’s secure channels: myAccount, Revenue’s Online Service (ROS ) or the LPT Portal.
LPT for ‘new’ properties
As of November 1 2023, a residential property is newly liable for LPT subject to the following conditions.
It is a newly built residential property, or it has been refurbished and has become occupied or suitable for use as a dwelling between November 2 2022 and November 1 2023.
If a taxpayer purchased or built a new residential property between November 2 2022 and November 1 2023, it is liable for LPT in 2024.
A taxpayer who owns a property which is newly liable for LPT, is required to value his or her property as at November 1 2021. The taxpayer must value the property as if it had existed in its completed state, on 1 November 2021. Guidance on conducting this valuation is accessible here.
The taxpayer must then submit their valuation as part of their LPT return. Revenue’s LPT calculator, available here, can assist in determining the LPT charge due. Information on how to submit an LPT return is available here. The next step is pay the LPT charge due. Information on making this payment is available here.
VHT
The VHT is due on residential properties that are liable to LPT and are vacant. Vacancy is defined as the property occupied for less than 30 days in the year ending November 1 2023. There are a range of exemptions from the VHT and vacant property owners are advised to check and follow the guidelines.
There is no definitive database of vacant homes, but Revenue is establishing a register. In that context, Revenue has already written to the owners of approximately 25,000 properties to advise of the steps they need to take to submit a VHT return. Those who received this letter are required to submit a return, even if their property does not meet the relevant conditions for the tax to apply.
VHT is a self-assessed tax so it is very important that property owners determine whether they have a liability to VHT, regardless of whether they receive a letter from Revenue.
VHT returns can be submitted by logging into any of Revenue’s secure channels, namely myAccount, Revenue’s Online Service (ROS ) or the LPT Portal. The system will guide property owners through the three-step process to review their details, submit their return and make a payment if necessary.
