Land Tax Question

Hi

I have an IP where I was living in there myself but now have moved out a few months ago and turned it into an IP

I think I need to tell the SRO about the land tax?

I am not sure how much the land is worth now though... so how much ill be taxed?

 

Depends on what it's worth.

 

I know so how do I find that out now? I got the house valued at 440k but how much is the land worth? now

Also what happens to people who dont tell the tax office that their house is now an IP?
Fines? big tax bill?

 

Check the notice from the SRO or your rates notice.

Check the sro website for the applicable rates & penalties.

 

Not need to tell the tax office at all. It is all done in the tax return in the year the property is sold.

If you mean SRO, you should tell them asap as they will probably find out when you sell the property and then there could be a few years worth which you will have to pay and then you may miss out on some tax deductions.

 

Thanks yeah I mean the State Revenue Oiffice