One third of homeowners are claiming that their homes have a low valuation when it comes to paying property tax. 1.57 million Property tax returns have been completed so far. There are still roughly 400,000 properties yet to be filed with Revenue.

According to the reports a third of the registered properties have been valued at less than €200,000. A valuation at that level means just €90 a year to pay on tax. 300,000 properties have been valued at under €262,500 meaning those home owners will be required to pay €225 a year.

The large number of properties in the lower tax bracket has raised questions that home owners are deliberately undervaluing their home. Revenue have said they will be contacting home owners to agree a revised valuation where it is deemed to be below the market rate.

A total of €428m property tax has been secured for 2022 already compared to €480m last year.

Revenue said those who did not file their return by the extended deadline still have an obligation to do so.