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Property tax for beginners

Property tax

If you buy a property in Ireland there are certain taxes that you will have to pay. It’s best to be informed upfront about taxes required and the reliefs that may be available to you. Buyers should also inform Revenue when moving into a new home, so that all correspondence can be sent to their new address.

Irish property includes:

– Land

– Buildings – residential (houses or apartments) and non-residential (office buildings, manufacturing plants)

– Business assets (such as goodwill)

– Shares in Irish companies

Taxes that you need to pay include Stamp Duty and Local Property Tax (LPT).

When you buy Irish property, you may execute (sign, seal or both) an instrument (written document). The instrument transfers ownership of the property to you.

You then need to:

– File a Stamp Duty return on this instrument

– Pay Stamp Duty on this instrument

For Local Property Tax (LPT), the amount you will have to pay depends on the market value of your property. The market value is the best price that you could sell your property for on the open market.

Before you buy a property, you must ensure you obtain the LPT property identification (ID) number and the valuation from the seller. You must also check that all LPT returns and payments have been filed and are up to date.

For more information, see here.

LSL News.

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