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OVER THREE QUARTERS of people valued their properties at less than €200,000 when they filed their Local Property Tax return.
This is according to new figures released today with some 1.59 million properties filed so far and a national compliance rate of 90 per cent. At the end of last month, Exchequer receipts for the property tax were €200 million.
The figure show that 75.4 per cent or 1.2 million self-assessed properties were valued under €200,000. Almost 25 per cent were in the lowest price band, valued at under €100,000.
Most people who filed their returns estimated that their property was worth between €100,000 and €150,000 with just 3,180 people valuing their house or apartment at over €1 million.
This chart shows the levels of valuations ranging from lowest (number 1) to highest (number 20).
Click here to view larger image
Compliance across the country has been high with the lowest in Dongeal and Louth at 84 per cent and the highest in Dun Laoghaire-Rathdown of 92 per cent.
Most payments were made by credit or debit card with 0.5 per cent, or €1 million, deducted at source from wages or pensions.
Over 17 per cent of exemptions from the tax were because the property was not sold by the builder of developer with 16.1 per cent of exemptions being claimed for those located in unfinished housing estates. Almost 8 per cent claimed an exemption because they were first-time buyers who bought their property this year and 15 per cent claimed exemption because of long-term illness.
Figures for return referral types show that the reason for 89.6 per cent is that they are owned by someone below the income threshold with 1.3 per cent saying they are insolvent. The total number of claims for deferral has reached 18,000.
Click here to view larger image
Revenue said that the details released today are based on preliminary analysis of returns filed and other property tax-related information.
A spokesperson said that the figures are correlate with a report that was done at the end of last year estimating that 90 per cent of properties were worth €300,000 or less and so they are in line with expectations.
They said that assessment of estimates will form part of the compliance programme but this has not started yet. “Right now they’re focusing on those who haven’t filed yet,” they said. “Our concern this year is to establish the register and to get the tax up and running”.
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We are trying to buy a house now and if this was true how come every house we look at is valued over 200k mark .
It’s a self assessment tax. You can put down your own estimate of the value of your property, I understand. The lower the value the lower the liability, so you do the math as to what’s going on!
It’s a average from the whole country!!houses are worth less in rural areas plus the fact that its self assessment and the average person is not a qualified auctioneer..and the estimated value from revenue provides what houses in the area are worth
I bought a house in Dublin €280k was €650k in 2006.
I think it was wise of people to preempt the decline in house value since making the payment until now. I think people are expecting their property to take a further hit on value in the coming years.
If you under estimate the value of your property you could owe the government a lot of tax in future.
Factually correct, Matt. Wonder why so many don’t likes.
Nobody likes to pay tax. I guess they don’t want to believe it.
Is it possible to find out what property tax the seller pays for the house for sale? This can assist in negotiating the price or at least reflects sellers expectations.
I can sell you mine for 199k (seriously)
@Shamrock – I think that the current property tax band should be published when the house goes for sale, the same way the vendor has to publish the BER rating.
NOOOOO Doogle, Father Ted would send you to the Vatican if ye did that. Shut up please…aahhh what a thought.
The big question is, if you valued your property too high the first year can you devalue it the following year? That’s one of the reasons I valued mine lower than its actual value… its actually dropped to the estimated value since I paid.
Thing is the revenue are expecting us the general public at some future date to be announced to predict how the market has gone and affected their valuation.
Impossible when ‘professional’ valuers got it incorrect so personally I accepted the revenue estimate and accepted that. Now that may be right or wrong but there will have to be thousands of court cases to demonstrate deliberate malfeasance. I’d say we’re safe
@ Matt
“I bought a house in Dublin €280k was €650k in 2006.”
What a feckin Spruik of a statement!
Are you a feckin estate agent by any chance??
Any chance of tellin us when did you buy it 2013 or 1942?
Where in Dublin did you buy it Ballymun or Ballsbridge?
County Dublin or Dublin city?
Derelict, rat infested or Brand New in immaculate showhouse condition?
No and thank you for the insults. I was simply pointing out that the revenue is expecting is to be able to predict the market based on current prices which is ridiculous.
There is
No need for salient points with the associated insults but thanks anyway.
Excuse me I was talking to Matt.
Or did you comment on your Bah Humbug Soon account by accident Matt??
Sher give yourself another green thumb while you’re signed in.
Let us call this tax what it really is ,a banker tax plain and simple.
So was was the very unfair rates of stamp duty called that proceeded the local property tax called? The Bertie pension pot?
Would you not call it the “Government operational expenses exceed Government income on a daily basis” tax! That’s our most pressing cash flow deficit.
If you told someone this 5 years ago they would have laughed in your face.
I used the national property price register. That’s the officially government supplied record of sale prices.
What I would love to know is, where is all this money going, certainly not for the good of the ‘ordinary people’
The bond holders and interest on our bailout debt of course,and just wait till interest rates begin to rise.
Considering the market crash, it’s to be expected.
The majority of farmers will have estimated on the low side for their farmhouses, through no fault of their own. How can you estimate a house in the middle of a field without taking into account full farm value? Sure the house will not be sold separately from the land.
I am on the breadline already, so don’t intend paying any of the money, they have to flipping work for it!!
Them figures seem very low even though the CSO average house price is higher than 200k. At the end of the day this is a self assessment and the public are not Chartered Residential Surveyors or Valuers. it is therefore expected.
It was the revenue that estimated the value based on property price register, I just left it as their value it on the paper work they sent out.
Jim
If you read the document sent out by the Revenue you would have noticed that you are liable for any underestimation of the tax due and not the other way round. I also doubt that any property owner in Ireland is unaware of its value whether they’re qualified valuers or not. It’s just in our nature as people with a deprived past!
They do say it’s up to the homeowner to give it’s true value. Otherwise you could be hit with a bill later. My friend has a house in Dublin. Revenue valued it at €675k. The house was on the market and sold for €1.2million.
Richie, I doubt that. How much is your property worth? How long is a piece of string? Very difficult to value property at the moment, even for the professionals.
Every penny collected has gone to bail out the banks and not back into the community.Government lies again.I didnt pay it so they stole it from my husbands wages
The Contents Of every property tax form(and any other forms) that we all filled in will be examined, and all the information will be statistically and strategically streamlined into more property zones that they will say didnt declare enough as to what their property was worth,,,,,every form we fill in for the government, we are doing their homework, and saving them clerical overtime, and giving them more ways to screw us for more money,,,,,when we gave them an estimate of the value of our property, we were in their eyes, acknowledging that we were being rightfully taxed, and we signed off to that effect,,,,,all they now have to do is challenge our estimations, and they can collect more tax off us if we cant prove its not worth what they claim it is
You seem to imply that the property tax isn’t “rightful”… I’m pretty sure it is.
You’ve been attending those Freemen of the Land seminars Jacqueline, haven’t you?? It is within the law and the basis behind self assessment is to save admin time, which you point out yourself. Saving time being spent by the revenue on it means less tax payer’s money being spent, you do realise that? Completely acknowledge the irony behind saving the tax payers money while screwing them for tax at the same time though!
oh no,,,i never said it wasnt rightful,,,,but when people have to be taxed on what they have bought, it means we are being screwed and unfairly taxed,,,,if you buy a second house you have to pay a tax on that as well,,,,,,when will there be a line drawn
Another nail for NAMA.
People are dead right, this tax is an insult considering that most people lost so much from the devaluation of their property, and then they stick a tax on top of it, adding insult to significant financial injury – Bastards!
Your house has only one value, and that is ONLY what somebody else is willing to pay for it, not some chancer of an auctioneers opinion (the ones that referred to themselves as experts during the boom – “property market specialists” embarrassing thinking back on it)
Keep valuing it as you see fit, if you sell it for more and are retrospectively charged you can pay from the money of the sale!
If your house was up for CPO I bet they’d regret under valuing it. Government takes one look at the register and says,”Tough, you valued it yourself at €xxx,xxx.xx so that’s what we’re offering you!”
Self assessment of property. What a joke . If 75% valued under 100k we could have brought the country to It’s knees.
How exactly ?
The property tax brings in barely a fraction of what is needed to keep the lights on. How undervaluing your property will bring the government crashing down is beyond me.
So funny. People spent years bragging about how much their house was worth and they’ll spend the next few years telling everyone how little tax they’re paying on it, while still maintaining that it’s worth more than yours!
ya have to keep up with the Jones
*word not works
Surely a valuer/auctioneer will make a mint if work gets out they will value it a few bob less(100k) and because it a “professional opinion” your covered and revenue can’t say shi.t
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