Thursday, 16 December 2021
Department of Finance
105. To ask the Minister for Finance the number of householders who made a local property tax return; the number of householders who accepted the initial Revenue Commissioners' determination; if a figure is available for projected revenue that will be raised by the tax in 2022; the way in which this compares with the past five years, in tabular form; and if he will make a statement on the matter. [62110/21]
The Finance (Local Property Tax) (Amendment) Act 2021 provided for a revaluation of properties to form the basis of the Local Property Tax (LPT) charge from 2022.
LPT for the years 2022 to 2025 will be based on property values on 1 November 2021. It is important to note that LPT is a self-assessment tax and it is the responsibility of each owner to value his or her property. While Revenue provides extensive guidance to assist property owners with this process, it does not determine the value of any property for LPT purposes.
I am advised by Revenue that LPT returns for the next ‘valuation period’ (2022 to 2025) have been filed and are fully up to date in respect of 1.4 million properties. Filing arrangements are being finalised in respect of a further 170,400 Local Authority and Approved Housing Body properties and there are open correspondence queries on hand with Revenue in respect of approximately 40,000 properties. While these queries delay filing, the liable persons are considered compliant. Revenue estimates that the return filing compliance rate is therefore approximately 80%. Furthermore, payment arrangements are in place for approximately 190,000 additional properties where returns are not yet filed, giving an estimated payment compliance rate of 90%.
While the return filing deadline passed on 10 November, it is evident that property owners are still making their best effort to file their returns as these continue to be received by Revenue. The due date for payment of 2022 LPT for those property owners who do not yet have a payment option in place is 12 January 2022.
To date, €119m has been collected for LPT for 2022. Overall new payment methods have been put in place to the value of €390m, and annualised payment methods provide for the collection of a further €47m. As outlined, returns are still being finalised so this is not the final position. The total LPT collected to date in 2021, including monies due in respect of 2021, late payments for 2020 and early payments for 2022, is €531 million. As requested by the Deputy LPT collections in 2016 to 2020 are shown in a table which will appear in the official record. This shows that the LPT collected in 2016 was €463 million; in 2017 €477 million; in 2018 €483 million; in 2019 €474 million and in 2020 €482 million.
|Year of Collection||LPT Receipts €m|
While detailed analysis of the returns will take some time, Revenue publishes preliminary statistics on LPT on a regular basis on its website.