immovable property tax calculation ?

[berni109]

Trying to ascertain liability for this tax - "relates to the value of immovable property which belongs to an individual" - is what it says on the revenue web page.
This suggests to me that it is a tax on the value of immovable property held by the individual named on the title deeds from the land registry.
Several title deeds (more than 1 plot) naming an individual will be agrigated to derive a total I/P value for that person.

So for instance say - 1 owner is named and the value 'now' is 200K that is 50K over the proposed 0 threshold = tax payable on that amount over the threshold at the appropriate band rate.

BUT if the I/P(s) is equally held by 2 people - each individuals share is only 100K which is below the threshold = no tax to pay.

I understand this is under discussion and may change significantly but is my understanding correct as the proposals are now?

Thanks
Bern

[Nigel Howarth]

Hi Bern

You are correct. IPT is presently calculated on the total 1980 value of all the properties registered to an individual.

If a property valued at €50,000 at 1980 values as shown on its deed is jointly and equally owned (e.g. by a man and his wife), then each of their tax liabilities is calculated on half the 1980 value - i.e. €25,000.

Cheers,