RESIDENTIAL Property Tax, on properties worth more than £101,000 is due next week, and the Institute of Auctioneers is warning householders - especially in the Dublin area - to be careful that they do not end up overpaying their tax.

According to the IAVI, the big increase in property prices recorded in the April to June; period this year should not alarm; owners into paying higher rates of RPT on October 1st since valuations refer to the tax year ending April 5th. The average price of a second hand house in Dublin at the end of the first quarter of the year was £73,615, then rose sharply to £81,722 by the end of June, an 11 per cent increase. The IAVI, which wants the tax abolished, recommends that people seek independent valuations before they pay the tax in order to avoid overpayment.

As a self assessed tax, it is up to the property owner, or their financial adviser to assess the value of the residence, calculate the amount due and pay it to the Revenue Commissioners by October 1st. Any value submitted is subject to review by the Revenue which reserves the option to revalue the premises and enforce payment of the difference. There is a right of appeal on their valuation.

If your house was worth over £101,000 on April 5th, 1996, and your combined household income is more than £30,100 (with some exceptions) then you are liable to pay 1.5 per cent on the value above the £101,000. If your combined income is under £40,100 you may claim marginal relief. Householders with children under age 18 can also claim a 10 per cent cut in their bill per child while retired persons, widows(ers) with child dependents and incapacitated persons are also entitled to a number of different reliefs.