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From 1 July 2013, residential property owners will be liable for an LPT based on the self-assessed market value of their property on 1 May 2013. Revenue will make it as easy as possible for residential property owners to file their LPT return and will offer a range of methods for paying the tax, including phased payment arrangements. Revenue will write to residential property owners in March 2013 and will include detailed information on LPT at that time.
Property values are grouped into value bands. A rate of 0.18% will apply to the midpoint of the value band up to €1m. To calculate how much you will have to pay for 2013 select the value band appropriate to the market value of your property and read across in the table below. For properties valued at over €1m the LPT liability will be calculated as follow: 0.18% on the first €1m and 0.25% on the portion above €1m.
Certain properties will be exempt from LPT. These exemptions largely correspond to exemptions from the Household Charge. Exemptions will also apply to new and previously unused properties purchased from a builder or developer between 2013 and 2016, and to second-hand properties purchased in 2013 by a first time buyer.
A system of deferral arrangements for owner-occupiers will be implemented to address cases where there is an inability to pay the LPT under specified conditions (e.g. where the gross income does not exceed €15,000 – single and €25,000 for a couple ). Some owner-occupiers may be eligible to apply for marginal relief, which will allow them do defer up to 50% of their LPT liability. It should be noted that interest will be charged on deferred amounts at a rate of 4% per annum. Further information, including Frequently Asked Questions on LPT and an online LPT calculator, is available on www.revenue.ie. Please note that the information provided is based on details announced in the Budget on 5 December 2012 and is subject to enactment of the Finance (Local Property Tax) Bill 2012.