"Under-valuing LPT can lead to interest and penalties - and block sales"
"With homeowners struggling with the cost of living and gritting their teeth after a budget that delivered no tax boost for middle-income earners, the prospect of another looming tax bill may prove difficult to swallow."
"In recent weeks, Revenue has run an information campaign and sent letters and email notifications to remind homeowners to revalue their homes for LPT purposes on November 1."
Under-valuing Local Property Tax can trigger interest, penalties and prevent property sales. Homeowners are experiencing cost-of-living pressures and received no middle-income tax relief. The prospect of an additional tax bill may be especially difficult to accept. Revenue has conducted an information campaign and issued letters and email notifications to homeowners. The communications instruct homeowners to revalue their properties for Local Property Tax purposes with an effective date of November 1. Revaluation ensures accurate LPT liabilities and helps homeowners avoid enforcement actions, financial penalties and potential obstacles when selling properties.
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