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Irish Revenue Releases 2016 Property Tax Statistics

by Jason Gorringe, Tax-News.com, London

12 January 2017

The Irish Revenue has announced Local Property Tax (LPT) receipts of EUR463m (USD486.6m) in 2016 and a compliance rate of 97 percent for the year.

The total figure includes approximately EUR50m in pre-payments for 2017 LPT liabilities, as well as EUR70m in payments for 2015 LPT and earlier years, and EUR64m in Household Charge arrears.

Revenue issued 300,000 compliance letters for the 2016 year, compared to 212,000, 148,000, and 324,000 for 2013, 2014, and 2015, respectively. It said that in the majority of cases property owners fully complied with their payment obligations. However, in 2016, 864 cases were referred to the Sheriff and 40 cases to Revenue's external solicitors for collection.

Commenting on the statistics, the Collector-General, Michael Gladney, said: "The vast majority of property owners fully comply with their LPT payment obligations, either in a single payment or with phased payments. As long as payment obligations are being met, Revenue will automatically roll over existing payment methods for property owners who pay by direct debit or by deduction at source from pay/pension."

For taxpayers wishing to pay in full by debit/credit card or cheque, the payment deadline is January 11, 2017. If they wish to pay in full by an electronic cheque, they must confirm this with Revenue by January 11. The payment will not be deducted until March 21.

The LPT is charged at 0.18 percent of the market value of properties worth up to EUR1m, and at 0.25 percent on any excess value over EUR1m. Property values are organized into a number of bands, and the tax liability is calculated by applying the LPT rate to the midpoint of the relevant band. A "local decision factor" allows local authorities to vary the rate by up to 15 percent. For 2017, five local authorities have reduced their LPT rate and nine have increased theirs.

The Government postponed the LPT revaluation date from 2016 to 2019, meaning that current valuations cover the period May 1, 2013 to October 31, 2019. Where the relevant qualifying conditions are met, LPT exemptions will be available for this extended period. In addition, from 2017, the chargeable value of properties adapted to make them more suitable for occupation by an individual with a disability will be reduced on an annual basis by a fixed amount of EUR50,000.

TAGS: compliance | tax | tax compliance | Ireland | property tax | tax authority | tax rates | revenue statistics

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