Homeowners warned by Revenue to revalue homes for property tax purposes

"The tax authority is to tell property owners that the new valuation will apply for the Local Property Tax (LPT) from next year. The LPT is going up next year in a move that means most homeowners will pay more. This is because the revaluation exercise for the tax is being carried out for the tax. The last valuation dates back to 2021."

"Property values have shot up by more than 25pc since then but to avoid households facing huge increases in the tax the LPT bands will be widened. Properties on the lower bands, which include the majority of houses in the country with valuations under €525,000, will see their bills increase by between €5 and €23 a year. However many homeowners are facing big increases in the tax next year because their local authority has used its discretion to hike the tax."

Revenue will notify property owners that the new valuation will apply to the Local Property Tax (LPT) from next year. Most homeowners will face higher LPT bills because a revaluation is being carried out; the previous valuation dated from 2021. Property values have risen by more than 25 percent since 2021, so LPT bands will be widened to limit large jumps. Lower-band properties (valuations under €525,000) will see increases of €5–€23 annually. Many areas may apply larger hikes where local authorities raise the Local Adjustment Factor, with some councils using the full 15 percent. Property owners must determine their valuation band on November 1, submit an LPT return including the band by November 7, and pay or arrange payment for the 2026 charge. LPT is self-assessed, and Revenue provides guidance and an interactive valuation tool online.

Read at Irish Independent