The latest figures on the Property Tax from Revenue say that 1.6 million LPT returns from 2013 had been filed by November 2013 .
This figure does not include about 160,000 local authority and voluntary housing properties – becaues they will be filing LPT returns in bulk So – if we include social housing – the total number of properties registered for LPT will be about 1.76 million.
The exact figure for the total number of liable properties is not known. A figure of around 1.96 million was mentioned by Minister Hogan and Revenue . So – based on that – there could be as many as 200,000 properties still to be registered for the Property Tax. That is a fairly respectable compliance level of around 90% .
The Property Tax legislation mentions a financial penalty for not completing an LPT1 form. It appears that this penalty will not be automatic – Revenue say they “will follow up with you if you do not submit your LPT Return form”
Revenue also say that… “Penalties will not be imposed automatically and will be preceded by engagement with the taxpayer. If you don’t send your completed return to Revenue, the penalty (idf applied) will be the amount of tax due, subject to a maximum of €3,000″
IE - if your property tax is estimated at €157 and you don’t return the form – you will then owe double that amount (ie. €314) if Revenue apply the penalty.
More about Property Tax Penalties
More about Property Tax for 2014