Information on Local Property Tax (LPT) for 2022 to 2025
Revenue discount factor for newly built or refurbished property
For the years 2022 to 2025, a property’s Local Property Tax (LPT) charge was determined by its value as at 1 November 2021.
If a property was newly built, or completed, after this date, it became liable to LPT on the following 1 November. For example, if a property was newly built, or completed, in July 2023, it became liable for LPT on 1 November 2023. This means that an LPT charge arose in relation to the property for the year 2024.
The property owner had to determine the value of the property, as if it had existed in its completed state, on 1 November 2021. This valuation was used to determine the property’s LPT charge for the years 2024 and 2025.
You had to value your property, as if it had existed on 1 November 2021, if it became liable for LPT:
- after 1 November 2021
- and
- on, or before, 1 November 2024.
Note
If your property was liable for LPT between 2022 and 2025, you should have already submitted your LPT Return and paid the LPT charge. If you have not yet done so, you should do so immediately.
Revenue discount factor
You can apply a discount factor to help you determine the value of your property as if it had existed on 1 November 2021. You can apply the discount factor if:
- you purchased your newly built property on the open market
- or
- you self-built your property and can self-assess its value on the date it was completed.
For further information on how Revenue has calculated the discount factor, please see Technical note on discount factors.
Revenue discount factors for residential properties completed or purchased between 2 November 2023 and 1 November 2024
| Date new residential property was completed or purchased | Revenue Discount Factor |
|---|
| 1 July 2024 to 1 November 2024 |
1.23 |
| 1 April 2024 to 30 June 2024 |
1.23 |
| 1 January 2024 to 31 March 2024 |
1.22 |
| 2 November 2023 to 31 December 2023 |
1.20 |
Revenue discount factors for residential properties completed or purchased between 2 November 2022 and 1 November 2023
| Date new residential property was completed or purchased | Revenue Discount Factor |
|---|
| 1 July 2023 to 1 November 2023 |
1.15 |
| 1 April 2023 to 30 June 2023 |
1.15 |
| 1 January 2023 to 31 March 2023 |
1.13 |
| 2 November 2022 to 31 December 2022 |
1.10 |
Revenue discount factors for residential properties completed or purchased between 2 November 2021 and 1 November 2022
| Date new residential property was completed or purchased | Revenue Discount Factor |
|---|
| 1 July 2022 to 1 November 2022 |
1.06 |
| 1 April 2022 to 30 June 2022 |
1.03 |
| 1 January 2022 to 31 March 2022 |
1.01 |
| 2 November 2021 to 31 December 2021 |
1.00 |
- Example 1
Keith purchased a new residential property in September 2024 for €640,000. Construction on the property had not been completed on 1 November 2023 and so it was not liable for LPT for 2024. As the property was suitable for use as a dwelling on 1 November 2024, it was liable for LPT for 2025.
The value of the property in September 2024 was €640,000. To estimate the value on 1 November 2021, the value in September 2024 is divided by the discount factor for that period.
1 November 2021 estimated value = September 2024 value ÷ September 2024 discount factor
1 November 2021 estimated value = €640,000 ÷ 1.23 = €520,325
€520,325 is the estimated value of Keith’s property on 1 November 2021. This puts Keith’s property in LPT Valuation Band 5 (€437,501-€525,000). He therefore submits Band 5 on his LPT Return.
In this example, the valuation would fall into Band 7 without the discount factor.
For the 2022 to 2025 valuation period, the LPT bands increase in ranges of €87,500. For this reason, application of the discount factor may not result in a change of LPT band. In many instances, the LPT valuation band may be the same as the Original Market Value of the property.
- Example 2
Mark finished building a new residential property in June 2024. The property did not exist, or had not been completed, on 1 November 2023 and so was not liable for LPT in 2024. As the property was suitable for use as a dwelling on 1 November 2024, it was liable for LPT in 2025.
Mark’s self-assessment of the Open Market Value of the property in June 2024 was €335,000. To estimate the value on 1 November 2021, the value in June 2024 is divided by the discount factor for that period.
1 November 2021 estimated value = June 2024 value ÷ June 2024 discount factor
1 November 2021 estimated value = €335,000 ÷ 1.23 = €272,358
€272,358 is the estimated value of Mark’s property on 1 November 2021. This puts Mark’s property in LPT Valuation Band 3 (€262,501-€350,000). He therefore submits Band 3 on his LPT Return.
In this example, the valuation stays in the same valuation band.
Other information sources
In some cases, the Original Market Value may be difficult to self-assess. In such cases, you should consult other external sources to help you value your property as at 1 November 2021.
- Example 3
Katie finished building a new residential property in February 2024. The property was not liable for LPT in 2024 as it was not a residential property on 1 November 2023. As the property was suitable for use as a dwelling on 1 November 2024, it was liable for LPT in 2025.
Katie consulted the Residential Property Price Register for property transactions in her area around 1 September 2021. She found that the average price is €300,000. This puts Katie’s property in LPT Valuation Band 3 (€262,501-€350,000). She therefore submitted Band 3 on her LPT Return.
Newly habitable properties
Revenue’s advice is that the discount factor should not be used to value renovated properties. The discount factor is calculated using the price characteristics of entirely new properties. Instead, property owners should consult the Residential Property Price Register to determine the value that would have applied to their property on 1 November 2021.
- Example 4
Mary is the owner of a property which was previously uninhabitable. On 1 November 2021, the property was unoccupied. It had no running water or electricity and its roof was partially collapsed. The property was not liable for LPT for 2022.
Mary started renovating the property at the end of 2023. The renovation was completed in August 2024. As the property was suitable for use as a dwelling on 1 November 2024, it was liable for LPT for 2025.
Mary consulted the Residential Property Price Register for property transactions in her location around 1 November 2021. Mary found that the average price was €220,000. Mary therefore submits Band 2 (€200,001-€262,500) on her LPT Return.
Next: LPT exemptions for 2022 to 2025