Monday 21 April 2014

Property Tax: €500 fine for failure to produce valuation when selling home

Michael Noonan
Michael Noonan

HOMEOWNERS selling their houses who refuse to provide the buyer with their house valuation will be stung with a €500 fine.

The new initiative is provided for in the Finance Bill as part of the new property tax which is being introduced this year.

According to the initiative, if a seller of a house does not disclose the self-assessed valuation of the property at the time of the introduction of the property tax, the fine kicks in.

The seller would be liable for any such fine - it would be collected by the Revenue Commissioners.

An amendment to section 146 imposes a penalty of €500 for failure to comply with the rules, the Finance Bill states.

There are also a number of exemptions to the property tax outlined in the Finance Bill, including charities and houses damaged by pyrite.

The Finance Bill brings into effect initiatives announced by Minister for Finance Michael Noonan in December’s budget.

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