Local Property Tax

House-1When you are selling your home it is important to be prepared. This will allow you to move quickly when an acceptable offer is made.

One of the more problematic issues is Local Property Tax:

  • Local Property Tax must be paid in full for the year you are selling. Your Purchaser will then refund the time apportioned amount on closing.
  • Consider whether the valuation band or valuation you declared at 1 May 2013 was reasonable and honest. If not you may be required to self-correct.
  • If the expected or agreed sales price is greater than the valuation band or valuation declared on the 2013 Return, you should ascertain if the increase is within the General Clearance guidelines issued by Revenue.

The Revenue Commissioners have published a helpful guide which is linked below.

http://www.revenue.ie/en/tax/lpt/sale-transfer-property.html

If you have any queries, do not hesitate to contact us.