Important reminder about Local Property Tax and Vacant Homes Tax
Today (03/11/2023), Revenue reminded residential property owners about Local Property Tax (LPT) and Vacant Homes Tax (VHT).
LPT for 2024
The LPT on a residential property for 2024 is based on the valuation of the property at 01 November 2021. Revenue is currently writing to 800,000 property owners to remind them to set up their payment option for 2024. The easiest way to do this is online through one of Revenue’s secure channels: myAccount, Revenue Online Service (ROS) or the LPT Portal.
LPT for ‘new’ properties
As of 01 November 2023, a residential property is newly liable for LPT subject to the following conditions:
- it is a newly built residential property
- it has been refurbished and has become occupied, or suitable for use as a dwelling, between 02 November 2022 and 01 November 2023.
If a taxpayer purchased or built a new residential property between 02 November 2022 and 01 November 2023, it is liable for LPT in 2024.
A taxpayer who owns a property which is newly liable for LPT is required to value his or her property as at 01 November 2021. The taxpayer must value the property, as if it had existed in its completed state, on 01 November 2021. Guidance on conducting this valuation is accessible here.
The taxpayer must then submit their valuation as part of their LPT return. Revenue’s LPT calculator, can assist in determining the LPT charge due. Information on how to submit an LPT return is available here. The next step is pay the LPT charge due. Information on making this payment is available here.
07 November is the return filing date for the VHT. The VHT is due on residential properties that are liable to LPT and are vacant. Vacancy is defined as the property occupied for less than 30 days in the year ending 01 November 2023. Further information is available here. There are a range of exemptions from the VHT and vacant property owners are advised to check and follow the guidelines.
There is no definitive database of vacant homes, but Revenue is establishing a register. In that context, Revenue has already written to the owners of approximately 25,000 properties to advise of the steps they need to take to submit a VHT return. Those who received this letter are required to submit a Return, even if their property does not meet the relevant conditions for the tax to apply.
VHT is a self-assessed tax so it is very important that property owners determine whether they have a liability to VHT, regardless of whether they receive a letter from Revenue.
VHT returns can be submitted by logging into any of Revenue’s secure channels, namely myAccount, ROS or the LPT Portal. The system will guide property owners through the three-step process to review their details, submit their return and make a payment if necessary.
Further guidance on VHT is available on the Revenue website.