Firstly, what is Local Property Tax?  It is another bill to pay that was introduced in Budget 2013.  This household bill will be due on any building or part of a building that is suitable as a residence.  It will be due by owners of Irish property including landlords and owner occupiers alike.

How do you guesstimate the value of your property to register for Local Property Tax.  The revenue are issuing estimates to each householder but this is not a bill for payment.  It is only applicable where somebody does not complete and file a return.   You can use various sources to help you guesstimate the market value of your property including valuation guidelines on websites such as daft.ie, myhome.ie and the property price register.

It is also helpful if you contact your local auctioneers who will be familiar with the properties in your area and in most cases can give you a verbal estimate over the phone.  If your property is not in line with similar properties in the area, you may need to get a valuation from your local auctioneer which will entail a call out survey and you will pay a fee.  Negotiate with several auctioneers and get the best price before they call out.

The amount of your LPT bill depends on the market value of your property as at 1st May 2013 which you will have assessed and submitted in your return to revenue.  The values are arranged into a number of relevant bands up to €1 million.   You can pay your LPT bill in one single payment or phase your payments in equal instalments from 1st July.

Include your LPT bill in your household budget so that you start saving for the bill due in July 2013 and subsequent bills.  BillsManager.com is an online budgeting service that will help you  manage your household budget.  Register your account and BillsManager will guide you through the set up of your budget.  Monthly updates will only take 15 minutes  and keeps  you on track of your bills and your money.