"But this boom is different, as those with a home are not looking upon it as an asset to be cashed in to move up the ladder. The lack of new housing means the market is quite dysfunctional and there is little enough movement. The shifts in the market have ramped up the prices and made many homeowners uncertain of what their house is worth."
"In the middle of this fluidity comes the latest assessment for the property tax for the next five years. If anything, it is a testimony to the honesty of taxpayers that so many homeowners want to be sure they put themselves into the correct band - or else it is down to a fear of the Revenue Commissioners coming knocking."
The housing boom differs because owners are not selling to trade up, driven by a shortage of new housing that leaves the market dysfunctional and with low mobility. Price shifts have increased values and created homeowner uncertainty about current worth. The latest five-year property tax assessment arrives amid that uncertainty, prompting many to verify valuation bands. High compliance with the property tax reflects trust in Revenue and contrasts with resistance to water charges and television licence fees. Revenue warns it will pursue deliberate undervaluation and can recover unpaid tax through salary or pension deductions. Heavy taxpayer engagement overwhelmed the helpline and prompted a filing deadline extension.
Read at Irish Independent
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