It all sounds like politicians liking to have their voice heard and an interviewer trying to find moral indignation where it is unwarranted.
completed by every purchaser along the lines of:
Dear Collector General,
Pursuant to section 14(1A)ofthe Finance (Local PropertyTax) Act 2012, I write to advise as
- I completed the purchase of [Address of Property] on [date]
- Based upon the purchase price of [Price], the Local Property Tax would be calculated as [Value]
- We have been furnished with proof of payment by the vendor of payment of Local Property Tax of [Value] based upon the assessment date of [Date]
I am not professionally qualified to explain any differential in the property market between the Assessment Date and the Closing Date and so cannot comment if the vendor has undervalued his property for the purpose of Property Tax Assessment but trust that the above will allow you to assess the matter accordingly.
that is now returned and recorded on the Residential Property Price
When Mr Collector General gets sick of receiving the letters, I foresee a simple online return to be made upon closing which will be programmed to compare with the Property Tax assessment. Such comparison will raise a flag when outside a set parameter.
Simple – and no storm anywhere.
Also interesting, or disturbing depending upon your perspective, that the elected representatives did not query
why there is no provision for refund to those who have overestimated the value of the property in the calculation of the tax.