Local Property Tax is calculated by reference to the value of the property as of the 1st of May 2013.
In essence the valuation of the property at this date determines the LPT payable. This valuation date was due to be updated on the 1st November 2016 but it was delayed to the 1st November 2019. The Government has now decided to defer the valuation date to 1st November, 2020.
Many residential properties have increased in value, some significantly since May 2013. It is expected that an update in the valuation date will mean a substantial increase in local property tax payable for many. However, homeowners should be aware that they may be facing an increased LPT bill from November 2021.