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LPT and Selling

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  • 17-01-2017 12:31pm
    #1
    artvandelay48
    Registered Users Posts: 562 ✭✭✭


    Hi,

    Our house is currently being taxed for LPT in band 3 (150k to 200k) but the most recent similar sale was for 325k in July last year. We are selling our house for a similar amount and I am wondering if we are now liable for additional property tax. Do I need to pay additional amounts for the years we have been undertaxed? Or is the automatic assessment fixed for a number of years?

    TIA


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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    No, the valuation is set at the value declared for May 2013 and is valid until 2019.


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    #3
    artvandelay48
    Registered Users Posts: 562 ✭✭✭artvandelay48


    Michael D Not Higgins wrote: »
    No, the valuation is set at the value declared for May 2013 and is valid until 2019.

    Thanks!


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    #4
    irlrobins
    Registered Users Posts: 7,541 ✭✭✭irlrobins


    You may need to get written clearance from Revenue, as the sale amount is over the allowance for 25% (50% for Dublin) increase over the upper band limit. You will need to complete LPT5 form, providing evidence as to why your original valuation was valid at the time. So proof of house prices in your area at the time, etc.


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    #5
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    artvandelay48 wrote: »
    Hi,

    Our house is currently being taxed for LPT in band 3 (150k to 200k) but the most recent similar sale was for 325k in July last year. We are selling our house for a similar amount and I am wondering if we are now liable for additional property tax. Do I need to pay additional amounts for the years we have been undertaxed? Or is the automatic assessment fixed for a number of years?

    TIA

    You need to seek General Clearance via form LPT5. The stated lead time on this is 6-8 weeks so get it done ASAP. In reality they did it for me in about 3 weeks but this culd hold up your sale so don't mess about and get it done. Your solicitor should have advised you of this already BTW.

    You need to fill in LPT5, print off some PPR records showing some/any sale in your area of a similar house for a value in your band (or below). You can scan it and submit by email, I suspect this is the best route to expedite things.

    If you haven't been advised to sort out an NPPR cert you should get in that too.


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    #6
    irlrobins
    Registered Users Posts: 7,541 ✭✭✭irlrobins


    Just been through the LPT5 process myself. 4 days from submitting form to getting clearance letter in the post. I submitted my form and printouts from PPR via the Enquiry section of MyAccount on revenue.ie


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    #7
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    irlrobins wrote: »
    Just been through the LPT5 process myself. 4 days from submitting form to getting clearance letter in the post. I submitted my form and printouts from PPR via the Enquiry section of MyAccount on revenue.ie

    Thats great turn around, I was a year and a half ago. I emailed chasing it and they got back to me 2 months after the house was sold!! Luckily the cert had come in the post long before that.


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    #8
    irlrobins
    Registered Users Posts: 7,541 ✭✭✭irlrobins


    Yeah, was quite impressed, considering there was a weekend in the middle of the four days.


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