COLIN GLEESON
The Revenue Commissioners yesterday (monday) warned citizens they have until the end of the month to correct inaccuracies in respect of the property tax or face financial penalties.
Guidelines were published by Revenue for the “self-correction of the property tax in respect of under-valuations and exemptions or deferrals incorrectly claimed”.
Property owners who under-declared the value of their property have until March 31st to self-correct online and “avoid interest and penalties”. This can be done at revenue.ie where the guidelines have also been published.
Revenue said in a statement that when self-correcting, “the property owner should also make arrangements to pay the additional property tax due”.
“Revenue’s analysis of the property tax returns received means it can identify property valuations that deviate from the norm in an area. Reviews of property tax valuations will be carried out during 2014 and subsequent years.
“It is therefore important that property owners take advantage of the opportunity to self-correct in order to avoid interest and penalties. If, however, the property owner has engaged honestly and realistically with the self-assessment process having regard to the guidance available and property values at May 1st 2013, there should be no issue regarding their valuation.”
The statement added that valuations do not need to be adjusted to reflect any increase in property prices or any repairs or improvements made to the property since May 1st 2013.
Since the announcement of the six-week window to regularise the property tax and household charge affairs, approximately 20,000 2014 property tax returns have been received and over €700,000 is being paid on a daily basis.
