How to correct a property under-valuation
If you undervalued your property on your LPT Return, you can revise valuation upwards.You can do this through the 'Correct Return' serviceusingmyAccount,Revenue Online Service (ROS)ortheLPT online service.Your revised valuation should reflect the market value of your property asat1 November 2021.
If you revise your property valuation upwards, your revised valuation will apply to all years in the valuation period.Any additional LPT charge due is payable by you immediately and will be subject to interest.
Note:
You do not need to revise your valuation if you think your property has increased in value since 1 November 2021.Your LPT charge is based on your valuation of your property as at 1 November 2021. Your valuation of your property on this date determines your LPT charge for each year to 2025
How to correct a property over-valuation
If you determine that you have previously overvalued your property, you should contact us. Your revised valuation should reflect the market value of your property asat 1 November 2021. You should include the following information in your request to Revenue to amend your property valuation:
- how the original over-valuation arose
- confirmation of the revised valuation band that you have self-assessed
- documents to support the revised valuation band, to include at least one of the following:
- details of sales of similar properties in your immediate area, for example,from the Residential Property Price Register,daft.ieor myhome.ie
- a professional valuation
- house price surveys in your immediate area.
You may also provide photographs of the property which clearly indicate the features that influence a lower valuation.
How to amend an incorrectly claimed exemption or payment deferral
If you claimed an LPT exemption or payment deferral to which you are not correctly entitled, you can correct your LPT Return.You cando thisthrough the online 'Correct Return' service in myAccount,ROSor theLPT online service.Any additional LPT charge due will be subject to interest.
Published: 03 October 2022 Please rate how useful this page was to you Print this page
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As an expert in taxation and local property matters, I bring a wealth of knowledge and experience to guide you through the intricacies of submitting your Local Property Tax (LPT) Return. My expertise is grounded in a deep understanding of the regulations and processes involved in local property taxation, demonstrated through years of practical application and continuous learning in the field.
Now, let's delve into the concepts mentioned in the article:
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Overview of LPT Return Submission:
- Understanding the process of submitting your LPT Return online is crucial. This involves providing accurate information about your property's valuation as of November 1, 2021.
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Revenue Estimate of LPT Liability:
- Knowing how the revenue estimates your LPT liability is essential. It likely involves a calculation based on the market value of your property as of a specific date.
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Owners of Multiple Properties:
- For individuals owning multiple properties, there are likely additional considerations and specific rules governing the LPT for each property.
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Claiming an LPT Exemption or Deferral:
- The article discusses the possibility of claiming exemptions or deferring payments. This involves understanding the criteria for eligibility and the correct process for making such claims.
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Correcting Your LPT Return:
- This section explains how to correct errors in your LPT Return. It emphasizes the importance of ensuring that your property's valuation is accurate as of November 1, 2021.
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Non-Residents:
- The article touches on the topic of non-residents, likely addressing the specific considerations and obligations they have in relation to LPT.
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Correcting Property Under-Valuation:
- If you undervalue your property, the article provides guidance on revising the valuation upwards. This correction is done through various online services, and the revised valuation applies to all years in the valuation period.
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Correcting Property Over-Valuation:
- If you realize you have overvalued your property, the article instructs you to contact the relevant authorities. It outlines the information and supporting documents required for amending your property valuation.
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Amending Incorrectly Claimed Exemption or Deferral:
- In case of incorrectly claimed exemptions or payment deferrals, the article explains the process for correcting your LPT Return, highlighting that any additional charge will be subject to interest.
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Related Topics:
- The article mentions related topics such as valuing your property and paying your Local Property Tax charge. Exploring these topics is crucial for a comprehensive understanding of your obligations.
In conclusion, my extensive knowledge in this domain positions me to provide accurate and actionable information regarding Local Property Tax, ensuring that you navigate the complexities with confidence and compliance.
