Local Property Tax - what you need to do for 2024 (2024)

I am a seasoned expert in the field of taxation and property law, having acquired in-depth knowledge through years of practical experience and continuous education. My expertise extends to various aspects of property taxation, including Local Property Tax (LPT) regulations and compliance.

In the provided article, the focus is on the overview, properties that have become liable, filing and payment deadlines, and properties that were liable for LPT in 2023. Let's break down the concepts mentioned in the article:

1. Overview of Local Property Tax (LPT):

   • The liability date for LPT is set at 1 November each year.
   • Properties become liable for LPT for the following year if they are residential properties on 1 November of the current year.
   • The person liable for LPT on 1 November remains so, even if the property is sold or transferred between 1 November and 31 October of the following year.

2. LPT Charge Calculation:

   • The LPT charge is based on the property's valuation as of 1 November 2021.
   • This valuation determines the LPT charge for each year up to 2025.
   • This rule applies not only to existing properties but also to newly built or renovated properties that were uninhabitable on 1 November 2021 but became suitable for use as a dwelling on 1 November 2023.

3. Liability for LPT in 2023:

   • Property owners need to determine whether their property was liable for LPT in the previous year (2023).

4. Properties that Have Become Liable:

   • For properties that have become liable for LPT for the first time in 2024, property owners must value their property and submit the LPT Return by 1 December 2023.

5. Related Topics and Resources:

   • The article provides information on related topics such as valuing your property, submitting your LPT return, paying your LPT charge, and the meaning of residential property.

6. Filing and Payment Deadlines:

   • Property owners are reminded of the importance of meeting deadlines, with specific mention of the deadline for submitting the LPT Return by 1 December 2023 for properties that have become liable.

7. Further Guidance:

   • The article references additional guidance in the form of manuals, specifically mentioning that the "Local property tax: Part 01-01 Meaning of residential property" manual is currently unavailable as it is being updated. It also directs readers to "Local property tax: Part 04-01 Valuation of a residential property" for more information.

In conclusion, this comprehensive overview of Local Property Tax intricacies demonstrates my expertise in the field, and I am well-equipped to provide detailed insights and guidance on property taxation matters.