Nearly 250,000 people reported that theirs was worth over 100,000 euro less than guideline amounts issued in May 2013.
If a Revenue investigation finds valuations are far out of line with neighbouring properties, people could be liable for back tax at the higher rate.
Nearly 8 thousand homeowners have already revised their values upwards.
Director of taxation at Chartered Accountants Ireland, Brian Keegan, says once you were straight up two years ago there is nothing to worry about, because valuations will apply until next year.
“You could have put an extension on to it, you could have benefited from the uplift that happened in a number of areas in terms of property values” he said.
“But as long as you May 2013 valuation was correct, then everything is OK”.
“If your May 2013 valuation was not correct, then you're in a spot of trouble”.
“It would seem to me that it is in that context that those 7,800 people came forward to Revenue and said 'Well actually the value we gave you for May 2013 wasn't quite correct and we need to top it up'” he added.
