How do you defer property tax at the correct valuation?

username123

I want to defer but they have way over valued my property. How do you defer at the correct valuation?

RATM

I'd imagine you fill out a form from Revenue's website. You have to make sure you qualify for a derreral first.

Be aware that deferrals attract a 4% interest rate, in other words you are most likely better off paying it to begin with.

Full info here from the Citizens Information
http://www.citizensinformation.ie/en/money_and_tax/tax/housing_taxes_and_reliefs/local_property_tax_exemptions_and_reliefs.html#l43869

You must be an owner-occupier to be eligible for a deferral of LPT and you must occupy the property as your sole or main residence.

If you meet the deferral criteria you can opt to defer the full LPT until your financial circumstances improve or the property is sold. However this does not mean that you are exempt from the LPT. Interest is charged on the deferred amount and the deferred amount remains a charge on the property.

Partial deferral arrangements will also operate for owner-occupiers under specified conditions. If you meet the partial deferral criteria you can opt to defer 50% of your LPT liability and pay the balance. Interest of 4% per annum is charged on the deferred amount and it remains a charge on the property.

To qualify for full or partial deferral your gross annual income from all sources must not exceed certain amounts (see table below). If you have an outstanding mortgage the income threshold is increased by 80% of your gross mortgage interest.

Income thresholds for full and partial (50%) deferral of LPT liability Liable person (owner-occupiers only) To qualify for a full deferral your gross income must not exceed To qualify for a partial (50%) deferral your gross income must not exceed
Single, no mortgage €15,000 €25,000
Couple, no mortgage €25,000 €35,000
Single, with mortgage €15,000 + 80% of gross mortgage interest €25,000 + 80% of gross mortgage interest
Couple, with mortgage €25,000 + 80% of gross mortgage interest €35,000 + 80% of gross mortgage interest

Gross income is your income before any deductions, allowances or reliefs. It includes income from Department of Social Protection payments but does not include Child Benefit.

See the sample case studies for worked examples of full and partial deferrals.

The Finance (Local Property Tax) (Amendment) Act 2013 introduces three additional categories that may qualify for a deferral of LPT:

Personal representatives of a deceased liable person where a property has not been transferred or sold within 3 years of a liable person’s death may apply for a deferral until (a) the property is transferred or sold or (b) 3 years after the date of death (whichever is earlier).
A person who has entered into an insolvency arrangement under the Personal Insolvency Act 2012 may apply for deferral of LPT due during the period the insolvency arrangement is in effect.
A person who has suffered both an unexpected and unavoidable significant financial loss or expense, as a result of which he or she is unable to pay the LPT without causing excessive financial hardship, may apply for full or partial deferral. Claims for this type of deferral will require full disclosure of a person’s financial circumstances and any other information required by Revenue in accordance with the detailed guidelines which will be published on Revenue’s website. Following an examination of the information provided, Revenue will determine whether deferral should be granted.

username123

RATM wrote: »

I'd imagine you fill out a form from Revenue's website. You have to make sure you qualify for a derreral first.

Be aware that deferrals attract a 4% interest rate, in other words you are most likely better off paying it to begin with.

Yes, I am aware of the link you provided and also about the moneylending interest rate on it.

But my question is, how do you defer at the correct valuation. On the form it seems like I can only defer at their over valued valuation and I cannot find any information stating how to defer at the correct value.

kravmaga

Did you not get the LPT booklet in the post with the LPT1 Form.

If your question is not answered in section 12 and 13 of the booklet just ring revenue.

They way over valued my property also, by at least 8 bands!!!:eek:

username123

kravmaga wrote: »

Did you not get the LPT booklet in the post with the LPT1 Form.

Yes I did - it says exactly what is in the quoted part from citizens info above.

kravmaga wrote: »

If your question is not answered in section 12 and 13 of the booklet just ring revenue.

No it is not answered. Is there a way to email the revenue as I cant afford to be on hold for ages?

Ogham

username123 wrote: »

Yes I did - it says exactly what is in the quoted part from citizens info above.



No it is not answered. Is there a way to email the revenue as I cant afford to be on hold for ages?

You just fill in your valuation band in section B and then fill in the deferral section .