The Revenue Commissions has announced the publication of Local Property Tax (LPT) Self-Correction Guidelines.

The guidelines outline how property owners can self-correct their LPT return in respect of under-valuations and exemptions or deferrals incorrectly claimed.

Property owners who under-declared the value of their property have until 31 March to self-correct online and avoid interest and penalties. When self-correcting, the property owner should also make arrangements to pay the additional LPT due.

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Revenue's analysis of the LPT returns received means it can identify property valuations that deviate from the norm in an area. Reviews of LPT valuations will be carried out during 2014 and subsequent years. It is therefore important that property owners take advantage of the opportunity to self-correct in order to avoid interest and penalties.

If, however, the property owner has engaged honestly and realistically with the self-assessment process having regard to the guidance available and property values at 1 May 2013, there should be no issue regarding their valuation. Valuations do not need to be adjusted to reflect any increase in property prices or any repairs or improvements made to the property since 1 May 2013.

(CD/MH)