Homeowners who elected to pay the Local Property Tax for 2017 as a lump sum (Single Debit Authority payment) will have the payment deducted tomorrow, Tuesday 21 March.

The amount of LPT due for this year depends on the value declared for the property on 1 May 2013 and the LPT rate applying to the property for 2017.

In 2016 Revenue generated €463m from the self-assessed tax, which included €50m in pre-payments for this year.

The compliance rate for LPT was 97% last year.

in 2016, just over a fifth (21.6%) of all LPT payments were made by Single Debit Authority, representing a small drop from the previous year.

With regard to the timing of the deduction of the payment, Revenue said in a statement that "customers’ bank accounts will be debited tomorrow, Tuesday the 21st of March. As these are SEPA payments, there is no set time at which the debit will be made.

"Customers should ensure they have sufficient funds in their bank accounts to meet the payment amounts within the processing timeline."

The LPT, which is charged on the market value of all residential properties in the country, was introduced by the government in 2013.