independent

Monday 21 April 2014

Property tax: 86pc of homes worth less than €250,000... according to owners

THERE has been a surge in the number of potential property buyers approved for a mortgage in February.

MOST homes - some 86pc - are worth less than €250,000, new figures from the Revenue Commissioners show.

This self-assessed figures are based on the latest property tax returns and compare with a paper from the ESCRI which estimated that 90pc of Irish properties are currently valued at €300,000 or less.

A quarter of homes have been valued for tax by their owners at less than €100,000.

The figures also that the most compliant region in the country is Dun Laoghaire/Rathdown with 92pc paying the tax while the laggards are home owners in the counties of Louth and Donegal at 84pc, based on filings to date.

According to the figures, only 0.2pc of Irish homes are worth over €1m - in the assessment of 1.59m households.

So far, the property tax has raised €200m for the Exchequer.

Self-assessed households exempt from payment included those unsold by builders at 17.1pc, unfinished ghost estates at 16.1pc and charities and public bodies 14.7pc.

Those suffering from long-term illness accounted for15pc.

The vast majority of those who deferred returns were those below the income threshold at 89.6pc while over 50pc made their property tax payment with a credit card.

The tax on one in 10 houses has yet to be paid.

 

Householders in Dun Laoghaire Rathdown have been the most compliant when it comes to paying their property tax with 92pc stumping up the controversial charge, preliminary figures reveal.

In the Dublin region Fingal homeowners are now at 91pc compliance on paying the tax, followed closely by South Dublin County Council on 90pc.

This means that the Dublin City Council area has the worst record of payment in the capital to date, with 87pc having paid over their property tax.

On a countrywide basis Donegal and Louth are the counties that have shunned the tax the most, with both on a figure of 84pc having coughed up their cash.

The figures are contained in a preliminary analysis of returns filed in relation to the local property tax.

So far the national compliance rate is estimated at 890pc, with €200m being collected since the tax was introduced.

Property tax experts had estimated there were 1.96m homes in the country eligible to pay the tax, but this has now been revised downwards to 1.95m as work continues to validate the final register size.

By Ailish O'Hora

 

VALUATION BANDS BASED ON RETURNS TO DATE

Band

LPT

Valuation

Band

%

of

Properties

*

1

0-100,000

24.9%

2

100,001-150,000

28.6%

3

150,001-200,000

21.9%

4

200,001-250,000

10.4%

5

250,001-300,000

4.9%

6

300,001-350,000

2.9%

7

350,001-400,000

1.8%

8

400,001-450,000

1.3%

9

450,001-500,000

0.9%

10

500,001-550,000

0.6%

11

550,001-600,000

0.4%

12

600,001-650,000

0.3%

13

650,001-700,000

0.2%

14

700,001-750,000

0.2%

15

750,001-800,000

0.1%

16

800,001-850,000

0.1%

17

850,001-900,000

0.1%

18

900,001-950,000

0.1%

19

950,001-1,000,000

0.1%

20

1,000,000+

0.2%

 

COMPLIANCE RATES AROUND THE COUNTRY 

LOCAL

AUTHORITY

COMPLIANCE

(Approx.)

€ MILLION

LPT

DECLARED

 

€ MILLION

LPT

COLLECTED                     

Carlow

88%

1.6

1.6

Cavan

88%

2.2

1.9

Clare

90%

5.0

4.3

Cork City

90%

5.5

4.7

Cork Co

89%

20.1

17.1

Donegal

84%

5.2

4.7

Dublin City

87%

39.9

32.4

DLR

92%

26.1

21.0

Fingal

91%

18.9

14.8

Galway City

89%

4.0

3.5

Galway Co

89%

7.1

6.3

Kerry

89%

7.0

6.2

Kildare

90%

10.7

8.6

Kilkenny

91%

3.7

3.2

Laois

89%

2.5

2.0

Leitrim

89%

1.0

0.9

Limerick City

88%

2.2

1.8

Limerick Co

90%

5.7

4.8

Longford

88%

1.0

0.9

Louth

84%

4.7

3.8

Mayo

89%

5.1

4.6

Meath

89%

8.6

6.9

Monaghan

90%

1.9

1.7

North Tipperary

91%

2.7

2.3

Offaly

89%

2.4

2.1

Roscommon

90%

2.0

1.8

Sligo

88%

2.6

2.3

South Dublin

90%

15.8

12.4

South Tipperary

91%

3.2

2.8

Waterford City

89%

1.6

1.3

Waterford Co

89%

3.0

2.5

Westmeath

90%

3.2

2.7

Wexford

90%

6.0

5.1

Wicklow

91%

8.4

6.8

TOTAL

90%

241.0

200.0

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