Months have passed since the deadline to file local property tax returns (LPT), yet more than 300,000 property owners have not done so. To date, Revenue has not taken action against them. It appears that almost 316,000 property owners have failed to provide an updated valuation for their homes. One could infer that it is likely that the homeowners are underpaying tax, and could face interest rate penalties.
Revenue officials say this could be due to the fact that many families are only now emerging from the pandemic’s financial impact, and has suspended some of its sheriff enforcement activities.
Amended rules for this tax year require property owners to determine the market value of their property as at 1 November 2021. The current non-compliance means the property tax amount for these houses where no updated valuation has been provided is based on estimated values by Revenue statisticians. But the problem is that these valuations may not reflect the actual value of the property, as they are based on averages for different areas.
As such, revenue officials are anxious to ascertain an accurate picture of home values to ensure that property owners not underpaying. Officials will keep property owners updated on the way forward as it reviews its approach in light of the current financial climate.
LSL Auctions, LSL News.