Property tax law

Property tax is a tax on real estate levied by any level of jurisdiction from National government right down to municipal or county level. The amount charged is usually between 0.2 and 4% of the property value, and annual assessments will take into account two things; firstly, the value of the building and secondly the value of the land or plot.

Once the assessment has taken place, the last registered owner of the property will be notified of the valuation and at this stage will have the opportunity to contest the value. The dispute will be heard by a review board which will hear both cases and set a final valuation according to the evidence bought before them.

The vast majority of properties will be taxable including homes, farms and business premises. These are called real properties and come in the form of buildings, land and any improvements which, if removed, would cause damage to the property such as extensions.

All funds recovered from property taxes go directly into local services and amenities such as education, healthcare and emergency services.

Once the owner has been notified of the amount of tax payable on their property, they will be given a certain time-frame in which to pay. This period can vary between jurisdictions. Should the owner be unable, or unwilling to pay the tax then there are a number of options available to the authorities to recover what is owed. The most serious of these could be seizure and sale of the property concerned.