In the coming weeks you will receive notification form the Revenue Commissioners of their estimate of what your property tax should be.
Remember it is based on value bands – e.g., Property falls into the €200,000 – €250,000 value range and so will be liable at 0.0018 equalling €405.00 per annum. For 2013 this will be for six months and therefore be €202.00
But remember if is based on Revenues estimate and they don’t always get it right – nor have to .
They may overvalue your property and you can challenge this with an appeal and this, it seems will be accepted.
You might find revenue may also undervalue the value in which case you say nothing and accept their expert valuation. Wrong ! You also should challenge this and suggest the correct value.
Trouble is no one really knows the correct value but if you accept their valuation and it turns out to be a significant under value, the Revenue can claim this as an underpayment.
Failure to pay could result in interest and penalties and they could if your PAYE simply amend your tax credits to claim it back.
Remember the Property will be based on the market value at 1st May 2013 and this value will remain in place until 31st December 2016.
Another important point is the tax will NOT change even if the property value changes up or down from 1st May 2013 or if the property is sold for a higher amount. What that means is you have to get it right first time.