Changes have been introduced to the LPT regime for the years 2022 et seq. The main changes introduced are as follows:
- Certain exempt/excluded properties will be brought within the charge to LPT
- New valuation bands and basic rates of LPT introduced
- Opportunity to revalue residential properties for LPT purposes on the 1st November 2021.
The valuation placed on your residential property for LPT purposes on the 1st November 2021 will form the basis of the LPT charged on that property for the years 2022 to 2025 inclusive. It is important that you submit an accurate valuation of the property to Revenue by the 7th November 2021.
LPT is a self-assessment tax so you calculate the tax due based on your own assessment of the market value of the property as of the 1st November 2021. There are several means for you to place a valuation on a residential property.
Please also note that if your LPT is not up to date this could result in a surcharge on your Income Tax liability.