FabSwingers.com forum: Property Tax - What if you undervalue

By *elicatedelicate OP Couple
over a year ago

Southside

Hey all quick random question

What happens if you undervalue your property value for the LOT either by error or design?

Also what if you go with the govt guide valuation even though it’s wrong?

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By *elicatedelicate OP Couple
over a year ago

Southside

LOT = LPT

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By (user no longer on site)
over a year ago

Realistically give guidelines or valuation is a load of horse shite

A property is only worth what someone is willing to pay for it on the open market so they charging you x amount for something that may be worth more or less had it been on the market

Just my opinion ( maybe wrong)

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By *oft_sexy_sweetWoman
over a year ago

Dublin

There's a penalty, plus back tax, plus interest on the back tax. That's if they find you out, of course...

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By *oft_sexy_sweetWoman
over a year ago

Dublin

Also what if you go with the govt guide valuation even though it’s wrong?"

Forgot this bit - it's your responsibility to value the property correctly. If you undervalue based on their guide you've still undervalued and are liable for the fine.

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By (user no longer on site)
over a year ago

It's a crock of crap , just another way of getting money out of people , the Government want to increase it because " property has increased in value " , they can't lose , you pay tax while you live in it ( out of money you already paid tax on ) and if it's sold the Government get a slice of that too.

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By *asual777Man
over a year ago

i travel all over

If you underpay your taxes there will be less money for services

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By (user no longer on site)
over a year ago

"If you underpay your taxes there will be less money for services "

What services????

We pay too many taxes

Tax this tax that everything is tax tax tax

They get enough off the working people

Saddle the worker as usual .

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By (user no longer on site)
over a year ago

...."they took our jobs"

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By *ombikerMan
over a year ago

the right side of the river

Property tax, what a scam.

Why should anyone be forced to pay a penalty for housing themselves and not being a burden on the state.

Maybe for second properties / holiday homes or rental properties but there should be no tax for a private primary residence

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By *ilthyNightsCouple
over a year ago

East / North, Cork

"Property tax, what a scam.

Why should anyone be forced to pay a penalty for housing themselves and not being a burden on the state.

Maybe for second properties / holiday homes or rental properties but there should be no tax for a private primary residence "

I lived in the UK for years paying council tax that was way higher, so LPT doesn't seem bad at all. Most EU countries have some kind of property tax.

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By *ombikerMan
over a year ago

the right side of the river

"Property tax, what a scam.

Why should anyone be forced to pay a penalty for housing themselves and not being a burden on the state.

Maybe for second properties / holiday homes or rental properties but there should be no tax for a private primary residence

I lived in the UK for years paying council tax that was way higher, so LPT doesn't seem bad at all. Most EU countries have some kind of property tax."

It still doesn't make it fair or right.

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By (user no longer on site)
over a year ago

If you sell your house you pay the tax on the undervalue ie your valuation of property at 300k you sell for 400k you pay for the 100k

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By *3nsesMan
over a year ago

Dublin

"Property tax, what a scam.

Why should anyone be forced to pay a penalty for housing themselves and not being a burden on the state.

Maybe for second properties / holiday homes or rental properties but there should be no tax for a private primary residence

I lived in the UK for years paying council tax that was way higher, so LPT doesn't seem bad at all. Most EU countries have some kind of property tax.

It still doesn't make it fair or right. "

Technically it does make it right. The aminieties in a person's area cost money to provide. The idea that you can live in an area, provide nothing and have plenty of services and aminieties provided to you for no cost at all isn't "right".

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By *ensualnFunCouple
over a year ago

Midlands

Except when you live in the back arse of nowhere with absolutely no amenities

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By *ilthyNightsCouple
over a year ago

East / North, Cork

"Except when you live in the back arse of nowhere with absolutely no amenities"

We live in the middle of nowhere too. But we have education, law enforcement, health and safety, roads, streetlights, child benefit, planning authority, gp visit cards, agricultural enforcement, food safety, national broadband scheme, drinking water, child protection, maternity coverage, rural development planning, forestry, public health, tax credits, public sewers, SNA assistance, EWSS, public pensions, and if everything goes titsup there is always jobseekers, council housing or rent allowance to fall back on.

I've certainly missed loads

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By *ensualnFunCouple
over a year ago

Midlands

Agreed but that’s also why we have lots of other taxes

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By *ilthyNightsCouple
over a year ago

East / North, Cork

Sure, but we run a budget defecit, so we spend a lot more on services than we take in taxes. Money saved by reducing any tax would need to be funded by cuts elsewhere.

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By *3nsesMan
over a year ago

Dublin

The most value the property tax has, and the reason most well developed countries have it is because it's a guaranteed income stream for the government.

The biggest issue the recession highlighted in Ireland was that our tax structure and tax income streams were all linked towards the economy performing well (income tax, VAT, stamp duty, corporation tax to name a few) bit when the recession hit a huge amount of our tax revenue generating streams were very badly impacted. A property tax(and a water tax) help with this problem. It also means the government can do a far better job of predicting what their tax income will be in the future and that makes it much easier to plan for the future.

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By *ombikerMan
over a year ago

the right side of the river

"The most value the property tax has, and the reason most well developed countries have it is because it's a guaranteed income stream for the government.

Government do a far better job ha ha.

They would have to improve greatly just to come up to the standard of being useless.

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By *3nsesMan
over a year ago

Dublin

"The most value the property tax has, and the reason most well developed countries have it is because it's a guaranteed income stream for the government.

Government do a far better job ha ha.

They would have to improve greatly just to come up to the standard of being useless. "

Voters in Ireland need to stop voting for people who are useless for that to happen.

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By *ombikerMan
over a year ago

the right side of the river

"The most value the property tax has, and the reason most well developed countries have it is because it's a guaranteed income stream for the government.

Government do a far better job ha ha.

They would have to improve greatly just to come up to the standard of being useless.

Voters in Ireland need to stop voting for people who are useless for that to happen. "

To be fair none of the people running the country at the moment received the popular vote, they are only on power because of slippery coalition deals.

Not that I recon the shinners would do any better, I'm quite sure the new crop of shinners would be just as capable of selling out the country to the highest bidder also

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By *ombikerMan
over a year ago

the right side of the river

I wonder could I get a job as a professional ranter, I could get into a good daily rant I think ha ha

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By *inkywife1981Couple
over a year ago

A town near you

Unless you had your house valued by an estate agent close to the time of filing your LPT.

Otherwise it's the value YOU think its worth.

That's my logic when filing LPT

So Fu*k em

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By *inkywife1981Couple
over a year ago

A town near you

"Property tax, what a scam.

Why should anyone be forced to pay a penalty for housing themselves and not being a burden on the state.

Maybe for second properties / holiday homes or rental properties but there should be no tax for a private primary residence

I lived in the UK for years paying council tax that was way higher, so LPT doesn't seem bad at all. Most EU countries have some kind of property tax.

It still doesn't make it fair or right.

Would these be the same amenities available to everyone regardless if they own their own hone or not.

We pay excess taxes for the level or services returned. The USC which was meant to be a temporary measure will now remain in place for ever bo doubt.

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By *ilthyNightsCouple
over a year ago

East / North, Cork

No we actually don't pay enough for the services. The cost of running the country is higher than the tax intake.

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By *tranTV/TS
over a year ago

City

I lived in the UK for years paying council tax that was way higher, so LPT doesn't seem bad at all. Most EU countries have some kind of property tax."

In UK council tax pays for bins. In Ireland it does not. You pay for your bins on top. Average of 300 on top of your property tax.

In UK they have no road tax, they have vehicle excise duty and the money can be used in general for anything. In Ireland people pay a road tax, that is specifically supposed to pay for roads. If they say LPT now pays for road cleaning and lighting, then road tax should go down or people are paying for it twice.

This pattern repeats down the line. Libraries are improving, so I cant argue with them getting more money. They are offering more and more.

But parks, where did the money come from before? and did it drop?

In theory there is nothing at all wrong with a property tax, but with it a reduction in vat, income tax, and road tax should arrive. A reduction in business taxes in your area should arrive.

I have no problem with Ireland trying to pay back debts citizens ran up, or trying to pay in more than they get from the EU as a mark of pride. But Irish people should know, a lot of the taxes just go to gigantic countries like Poland and Hungary, who are a constant drain on the EU. Again there is nothing wrong with that, at one point Ireland was on the bottom as the biggest drain. Ireland gave access to waters so was never really a drain to the EU on anything other than paper but Ireland can appreciate some people need a hand up.

The problem is, what 11,000 homeless who wont appear on the census? Highest prices in the EU. Highest taxes, and there is no clarity on where the taxes are going.

The people who can afford to pay the property tax whichis small for them, need to realize for others it means going without food. In such a case the country needs to be honest with itself.

Can it afford to pay for poland and hungray to tackle covid, and give them millions for corrupt projects, and take refugees from ukraine?

During Irelands last celtic tiger it trickled down to the normal people, you could walk off the street into buildings and get jobs. We are going through another boom at the moment, but its not trickling down. Ferrari sales are up, and so are homeless figures.

If the people are expected to be taxed highest in Europe then the govt needs to step up and do its part, and ensure they can afford to live and have homes.

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By *og-ManMan
over a year ago

somewhere

Just one point

Most people can now walk in off the street and get a job...every employer is looking for staff

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By *usyatminMan
over a year ago

Wicklow, Wexford, Dublin and Carlow

In UK, everyone who lives in a council area pays a council tax, whether social housing or rented. Here, only those who own the property pay, sure that’s not right. No one should be penalised for buying their own property as a primary residence to prevent from being a burden on the state. Everyone should contribute to the services in the council area, not only those who chose to buy and live in a property.