Daft Property - Irish Property News

Revenue table of local property tax bands at a tax rate of 18% for 2013 and 2014: Revenue is to send homeowners an estimated value of their home and property tax due, in letters to be issued in the coming weeks. The local property tax payable on the market value of a property is to come into force from July and will be administered by Revenue. Revenue will write to residential property owners in March including notification of an estimated amount of local property tax, a booklet on the operation of the tax, valuation procedures and payment methods and a form for completion. The completed forms with a self-assessment of property value will have to be sent back to Revenue by May 7th on paper or May 28th electronically. The return will be valid until 2016 unless circumstances change. If Revenue believes the amount of property value declared does not reflect the market value, it may question the declaration. If people refuse to pay or do not send back the form the tax...

Second-home owners have two days to pay €200 council charge or face fine... OWNERS of more than 300,000 holiday homes and residential investment properties have until Thursday to cough up €200 to their local authority or face fines. If the levy is not paid by June 30, owners risk penalties of €20 a month. The charge has raised almost €160m for local authorities nationwide since it was introduced in 2009. Last year, €66m was collected for 318,889 properties, down slightly on the 2009 figure of €68.2m on more than 322,000 properties. Those who are unable to pay the charge should contact their local authority to see if they can come to an arrangement to pay by instalments, said tax expert Cathal Maxwell of paylesstax.ie. Mr Maxwell added that there was a major squeeze being put on people with investment properties as lenders tried to force them off interest-only mortgage deals, invoking clauses in contracts to review the mortgage. This can mean monthly repayments tripling if inv...

Confusion as Hogan insists 'property tax' will happen... Environment Minister Phil Hogan insisted last night that a new flat-rate household charge -- a precursor to a property tax -- would come in next year. The minister's statement of intent came following confusion created by Taoiseach Enda Kenny and Tanaiste Eamon Gilmore, both of whom said no formal decision had been made. The household charge will be used to pay for local services and will ultimately be replaced by a full property tax based on the value of the home. The Government will also bring a separate water charge, once houses are metered. But the details of this rollout will also have to be sorted out by the Government. Following the split over Enterprise Minister Richard Bruton's proposals to cut wages for low-paid workers, the Coalition was again forced to deny a clash between Fine Gael and the Labour Party. Despite Mr Hogan clearly signalling a new property tax-style charge would be introduced...

Cowen says FF should have taxed property more... THE GOVERNENT should have taxed property more and spent less during the economic boom, the Taoiseach said last night on the Late Late Show with new host Ryan Tubridy. Under questioning from Tubridy about what he accepted blame for during his years as Minsiter for Finance, Mr Cowen said “looking back now we should have taxed housing more than we did”. When Tubridy asked Mr Cowen why this was not done, he said: “Because at the time there was no-one suggesting that that was a policy intiative that was relevant or that was going to solve the problem.” Tubridy again asked the Taoiseach to clarify what he accepted he had done wrong, and Mr Cowen said: “If I knew then what we know now we wouldnt have spent as much.” However, Mr Cowen said he wanted to make the points that during the economic boom Ireland was still reducing its debt, still had surpluses, and was not spending everything that was coming in. He insisted that the decisions taken wer...

Revenue failed to tax €2m staff benefit... BENEFIT-IN-KIND TAX: DELAYS BY the Revenue in identifying obligations to tax benefit-in-kind (Bik) of approximately €2 million paid to its own staff is highlighted in the report. In the course of drafting a Statement of Practice during 2006, officials raised concerns in relation to the tax treatment of benefits received by Revenue's own staff in respect of travel to and from work. A working group reviewed benefits which had accrued from January 2004 to June 2007. About €2 million accrued by way of Bik during the period reviewed. This comprised €1.7 million for use of official vehicles by officers for travel to and from work, and €0.3 million paid under agreements made with staff whose work began or ended between the hours of 11pm and 8am in locations not served by public transport. An overall liability was calculated at €1,656,920, including interest and penalties. The relevant Inspector of Taxes was informed of Revenue's intention to ...