25% of homes arevalued less than €100k
on 08/10/2013 00:00:00
According to the latest Revenue figures, 24.9% of properties were valued at less than €100,000 in returns filed for the tax.
However, a report on the design of the tax prepared for the Department of Environment and published in Dec 2012 showed that just 7.2% of properties were valued at less than €100,000.
A Revenue spokesperson said they were generally in line with the findings of a report drawn up in preparation for the introduction of the tax, which estimated that 90% of all residential properties were valued at less than €300,000.
Revenue declined to state whether the 25% rate of homes valued at less than €100,000 equated with its own forecasts.
However, the spokesperson said all valuations which appeared unusually low for their area would be investigated.
The figures show an overall national compliance rate of 90%.
According to Revenue, 90.7% of homes were valued at less than €300,000 by their owners. Just 2.2% were valued between €500,000 and €1m, and 0.2% of all homes valued over €1m.
The figures are based on 1.59m returns, as well as information relating to 160,000 local authority homes. Revenue has estimated the total property register will be 1.95m.
Almost 25% of all residential properties were valued in the lowest property tax band, representing homes valued at below €100,000, which are liable for the lowest annual tax rate of €90.
Revenue said total receipts for the tax at the end of September had reached €200m, while a further €41m was declared but still due for payment.
Donegal and Louth have the lowest compliance rates in the country with just 84% of householders filing returns. Dublin City (87%) was the only other local authority area to have a compliance rate significantly below the national average of 90%.
Dun Laoghaire-Rathdown recorded the highest compliance rate at 92%. Other areas with above-average compliance rates were Fingal, Kilkenny, Wicklow, Tipperary North, and Tipperary South which all had compliance rates of 91%.
The most popular method chosen to pay was by credit or debit card, with 53.1% of households opting for such a method. Just 0.5% chose to pay by having the tax deducted at source from their salary or welfare payments.
More than 25,000 claims to be exempted from the tax were received by Revenue, representing 1.6% of all households liable for the tax, while a further 15,000 property owners, or 1.1% of the total, sought a deferral.
One third of the exemptions sought related to unfinished housing estates or properties not sold by a builder or developer.
Almost 90% of people who sought deferrals made the claim on the basis of being below the income threshold, which is generally €15,000 per annum for an individual and €25,000 for a couple.
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