On the 17th September Revenue confirmed that it will contact over 1.4 million property owners directly, in the coming weeks, to explain the three things they need to do to meet their LPT obligations for 2022:
- determine the market value of their property as of 1 November 2022
- submit their LPT Return including their valuation by 7 November 2021
and - pay or make arrangements to pay their LPT Charge for 2022.
The next valuation date for LPT is 1st November 2021. Residential property owners, whose properties were liable to LPT from 2013 to 2021, have paid LPT based on their self-assessed valuations at 1 May 2013. The new self-assessed valuation on 1st November 2021 will determine the LPT to be paid each year from 2022 to 2025. These obligations apply for all residential properties, including vacant properties, properties that were not liable to LPT from 2013 to 2021, and properties not yet registered with Revenue for LPT.
As LPT is a self-assessed tax, the first step that property owners should take is to determine the market value of their residential property. An interactive valuation tool and detailed guidance have been provided on Revenue’s website for property owners today to help them to meet their LPT obligations for 2022. The interactive valuation tool will assist property owners with their self-assessment by providing an estimated average valuation band for residential properties in each area in a map format. Property owners can find their own area on the map by simply entering the property’s Eircode or location.
Revenue has reminded property owners that the interactive valuation tool is a guide only. They should consider the specifics of their property and assess whether its value falls within the average valuation band for their area. Revenue has also included guidance regarding the different information sources that property owners can use to self-assess their property’s value.