'Foolish' to underestimate value of your property to Revenue - journalist

, over half a million people believe their property is worth less than €200,000 and thus paid €90 in local property tax.

All of which has raised suspicions that the system of self-assessment is causing the State to raise less money than it is due.“What’s emerged is that the figures that Revenue put on its website on 5th January, 360,000 people went with an estimate that was less than Revenue thought the property was worth,” Charlie Watson told“It just raises some suspicions, are people gaming the system?”

Polls have found that the tax is widely unpopular and it is possible that this has influenced how people carry out their self-assessment.“It’s not a wise thing to do because Revenue have resources, they have incredible powers to come after you if you’re not playing fair with them.“If you undervalue the house, for example, and they think there’s money owed, they can impose an interest rate of 8%, they can impose penalty points.

“They can refer that debt to a sheriff for collection… You really do not want to be getting on the wrong side of them.”Main image: Tax demand letter from Revenue.

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