Early property tax returns rake in €50m
MORE than 300,000 people have filed their 2014 property tax returns.
The Government is set to take in €50m extra from the property tax this year due to the number of people paying for next year's tax before Christmas.
Today is the deadline for all paper returns for next year.
And it's emerged that the government has increased its estimate for the sum generated by the property tax this year.
Finance Minister Michael Noonan has confirmed that he has increased the estimate from €250m to €300m due to the numbers paying next year's property tax in advance. But he has also increased his property tax estimate for next year from €500m to €550m.
This means that the total take from the property tax in its first year-and-a-half of operation will be €850m.
That is €100m higher than the previous estimate of €750m.
In response to a parliamentary question from Labour TD Kevin Humphreys, Mr Noonan said he expected the same pattern of early payment of the property tax to continue next year. But he also said there were a number of one-off factors which would contribute to the higher than expected property tax revenue. These include:
* A Revenue crackdown on the 150,000 homeowners who have not paid the tax.
* Deducting €200 from the wages and social welfare payments of people who have not paid the household charge in the New Year. So far, they have been paid around €700,000 by people who had previously refused to pay up.
* City and county councils will be paying the last year's property tax bill for the houses they own after having been granted a six month respite.
A Revenue helpline – 1 890 200 255 – is open today.