As I work my way around the Revenue map of Ireland which has just been launched for the new property tax liability, I can’t help but think that the map will become an interesting beast in the months and years ahead.
I also can’t help but notice those areas where high valuation bands and low valuation bands straddle one another. In west Dublin for example, there is the case of valuation band 7 (€350,000 – €400,000) adjoining valuation band 2 (€100,000 – €150,000), literally a stone’s throw in distance that differs by €450 in property tax.
Suddenly, property owners who once thought lived in high valued areas are likely to now be breathing a sigh of relief that Revenue thinks otherwise (yes, most places were high valued until the property crash).
Equally, for those living in high valuation areas presently may be looking across the dividing line and wishing Revenue adjudicated differently. After all, who wouldn’t want to pay less property tax?
In time, I expect the electoral districts that serve as the basis for the property tax will become much more refined and calibrated where ongoing sales and property valuations will be constantly fed into the site and adjusted to provide Revenue with the best source of income.
In the meantime, I expect that the straddling communities may have a few thoughts of their own on how Revenue worked out its valuations.