Whether you’re selling your home in the vibrant communities of Dunshaughlin, the picturesque town of Ratoath, the bustling locale of Ashbourne, or the serene environment of Dunboyne, understanding property taxes is crucial.
Taxes play a significant role in the home-selling process, impacting your net proceeds and influencing buyer decisions. This article provides a comprehensive guide on property taxes for home sellers.
Local Property Tax (LPT)
The Local Property Tax is a tax on residential properties in Ireland.
The amount of LPT owed is based on the market value of the property, set in valuation bands.
It is essential to note that the liability for payment of the LPT stays with the property, not the individual.
When selling your home, any arrears of LPT can affect the conveyancing process.
Therefore, it’s crucial to ensure all LPT due has been paid.
Capital Gains Tax (CGT)
Selling a home in South County Meath may trigger a Capital Gains Tax liability if the property is sold for more than it was purchased.
However, there are exceptions, such as if the property is your principal private residence.
It’s important to understand the potential CGT implications before listing your home for sale.
Stamp Duty
While Stamp Duty is typically a buyer’s responsibility in Ireland, understanding it as a seller is also beneficial.
It can influence a buyer’s total costs and potentially impact the negotiation process.
For residential properties, the rate is 1% on properties up to €1,000,000 and 2% on amounts above.
Non-Principal Private Residence (NPPR) Charge
If you’re selling a property in South County Meath that wasn’t your main residence between 2009 and 2013, there might be an outstanding NPPR charge.
This charge must be paid before the property can be sold.
Household Charge
The Household Charge was a tax on residential properties in Ireland in 2012.
While it has since been replaced by the LPT, any outstanding Household Charge must be cleared before selling your property.
Understanding property taxes can help you prepare for a successful home sale in South County Meath.
It’s advisable to seek professional advice to ensure all your tax liabilities are accurately assessed and addressed.
Selling a home comes with several considerations, and dealing with property taxes is just one of them.
At Fumbally Property Services, we’re ready to guide you through every step of the home-selling process, including navigating property taxes. Reach out to us today for expert advice tailored to the unique South County Meath property market.
To contact the Fumbally team, you can call us directly by clicking the link below, and if you are considering selling your home you can also avail of our free valuation service by completing our online form here.
