LPT: PAYE Workers to have property tax taken from wages.

... so - for a married / co-habiting couple, both receiving a salary & PAYE - will they both have to pay the charge for the same home as it's taken at source?
 
I presume the one who registered will have to pay. And if neither registered...?
 
Considering they dont even seem to know the base figure and hundreds of thousands still havent registered, Id be inclined to put this down to more scaremongering about the shambles that is the household charge.
 
It has been on the news again today about taking the property tax at source . How will this work i read somewhere that your employer would have to ask your permission to deduct this money

Also how does your employer know how much to deduct from your wages how will the know how much your property is worth. We still dont know how they are going to value the properties .
 
Good luck to them taking it at source from me or thousands like me, I have no income or social welfare.
 
Was thinking the same myself, will be hard to deduct it from nothing!
 
Exactly they still not have said how they are coming up with their valuation of properties .
 
I think the question of valuation of properties has been discussed. At least I have heard the same reference to it several times.

The valuation will be on a self assessment basis using valuation bands
The bands will increase in tranches of 50000 and there will be a tax attached to each band, based at an estimated 0.2% of property value

150000 - 200000
200000 - 250000
250000 - 300000
300000 - 350000
etc
etc

We obviously cant be sure that this is the final model but it is the one that Ive heard mentioned several times. Its probably the most likely method and easiest to implement
 
Lol, Yes you can do that but if your neighbour values his at 200000 and the man across the street manages to sell his for 220000, you're going to be in trouble with penalties,taxes and interest.
 
Well If that's the case then i paid over 200 grand for my house but the house next door went for 60 grand less because the developer needed quick cash so do i value my house the same as the house that was just sold last month .
 
I'm no expert on this but I would imagine that you'd have a very good case for arguing that your house is only worth the same as the one that sold next door for a song especially if the house next door is similar in size and design
and condition.

There is no doubt that the new property price register will be a key tool for fixing values for the new property tax or indeed for defending values in the case of a revenue audit
 
I agree the house was a showhouse so definitely same size and condition . So i will go on that valuation it will bring me in to a lower band
 
People should have to declare their assessed value on a yearly basis for the property tax.

If the house is sold within 12 months for more than the declared value, then a 50% windfall tax should be applied to the excess.

This would focus people's minds on getting their values accurate.
 
What if there have been no houses sold in the area in years? Apartment in Dublin and no-one has been able to sell. (The original value was nearly 400k)
 
If a house is under threat of repossession there is no incentive to get the value correct hence a valuation of 200 euro. And if the tax is registered as a debt on the house they won't care as it won't be their problem.
 
Then the situation is going to become a little more blurred.

There are a number of other ways at arriving at a property valuation and Im sure Revenue will accept valuations that are calculated reasonably and with logic.

For example if there are no comparable apartments sold in the area, you might work on the basis of the rent yield. If the apartment rents at 7000 per year, it wouldnt be unreasonable to assume a net rent yield of say 7%, which would imply a valuation of 100000
 
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