Just 3,180 properties across the country are valued at more than €1m and are attracting the highest rate of property tax, new data shows.
But only a handful of people believe their property falls into the higher tax brackets – the vast bulk of homeowners (75pc) value their homes at €200,000 or less.
The Revenue Commissioners has revealed details of the Local Property Tax (LPT) collection rates, which show that one in 10 liable homeowners has so far refused to pay up. The lowest compliance rates are in Donegal and Louth at 84pc, which compare unfavourably with the best-performing local authority area – Dun Laoghaire-Rathdown in south Dublin – at 92pc.
While most people (84.2pc) paid the tax in one instalment, only a tiny fraction chose to have it deducted from salary.
Just 0.5pc – or 7,950 people – chose this payment method, followed by 111,300 (7pc) paying through service providers including An Post, Omnivend and Payzone, while 8.3pc, or 131,970, paid via direct debit.
The figures also show that some €200m has been collected to date, and another €41m is being paid in instalments by way of direct debit or deduction at source. The LPT became due for payment last July and the collection rates show the Government is broadly on course to reach its collection target of €250m for this year.
Some 1.95 million properties are liable, with 160,000 exempt properties because they are owned by local authorities or charitable bodies, are in unfinished developments, or have been affected by pyrite damage.
The value of homes is self-assessed, meaning they have not been verified by the Revenue Commissioners. It is expected to examine property tax returns from next year, to see if people with broadly similar addresses are valuing their homes differently.
The data shows that a quarter of homes have been valued for the tax at less than €100,000, with 53.5pc of all properties being put at €150,000 or less.
But just 0.2pc of the total number of homes fall into the highest category of being worth €1m or more. Just 2.4pc – or 38,160 – properties are valued at €500,000 or more.
The returns also show that some people have paid the tax on 20 or more properties, with 10pc paying for four or more units. The figures also show some 25,000 homes have been exempted from the tax, including 1,590 diplomatic properties and 1,075 mobile homes.