653AB. Surcharge for undervaluation of the relevant site

(1) In this section ‘ascertained value’, in relation to a relevant site, means the market value.

(2) Where—

(a) a return is received in respect of a relevant site, and

(b) the estimate of the ratio of the market value of the relevant site, as stated in the return, to the ascertained value of the relevant site expressed as a percentage, is within any of the percentage bands specified in column (1) of the Table to this section,

the amount of residential zoned land tax payable in relation to the relevant site shall be increased by an amount (in this section referred to as the ‘surcharge’) equal to the corresponding percentage, set out in column (2) of that Table opposite the relevant percentage band in column (1), of that amount of tax.

(3) Interest is payable under section 653Y on any surcharge as if the surcharge were residential zoned land tax, and the surcharge and any interest on that surcharge is chargeable and recoverable as if the surcharge and that interest were part of the residential zoned land tax.

(4) Where the amount of residential zoned land tax payable in relation to the relevant site is increased in accordance with subsection (2), the Revenue Commissioners shall issue a notice in writing of the amount of the surcharge to the liable person concerned.

(5) Any person aggrieved by the imposition on that person of a surcharge under this section in respect of a relevant site may appeal to the Appeal Commissioners, in accordance with section 653X, within the period of 30 days after the date of the notice, referred to in subsection (4), of the amount of that surcharge, against the imposition of such surcharge on the grounds that, having regard to all the circumstances, there were sufficient grounds on which that person might reasonably have based that person’s estimate of the market value of the asset.

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