THE Institute of Auctioneers and Valuers in Ireland (IAVI) has advised those preparing property tax returns to be concerned about "the substantial increases" in Dublin house prices between April and June.
Second-hand house prices in Dublin went up by 11 per cent in the second quarter to June 30th 1996.
The IAVl says the property valuation date for RPT purposes is April 5th, 1996. It called on the Government to abolish the "totally ill-conceived and inequitably regressive" tax.
Advertisements from the Revenue Commissioners appeared in yesterday's newspapers advising the public that property tax, which applies to property worth more than £101,000 on April 5th last, must be paid by October 1st.
The tax is levied on all such properties where combined household income exceeds £30,100 at a 1.5 per cent rate.
Mr Alan Cooke, chief executive of the IAVI, urged the public not to submit RPT returns "before seeking advice from a fully qualified valuer". This would "avoid overpayment, particularly in Dublin, where the iniquitous tax really bites", he said.
A spokeswoman for the IAVI said fees for such valuations depended on the individual valuer, but could range from £75 plus VAT and expenses upwards, "depending on the scale of the property".