List of sites to help you estimate the value of your property for the LPT

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ClubMan

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In many (most?) cases I reckon that a combination of the following should give a reasonably good idea of the fair market value of a property for the purposes of LPT (Local Property Tax) self assessment:

Also Revenues Technical Paper : Local Property Tax - Valuation Technical Paper - Revenue
Ronan Lyons: How much is that house worth? A note on property tax calculators
 
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Thanks ClubMan

That is a useful list.

I thought that the myhome.ie one was the best, in that it gives a list of properties sold and for sale today in the area. For most of them, you can see the number of beds and the square footage. That must be best indicator.

Brendan
 
Clubman, if you know the value of the site your home stands on, to this figure could you then add on the rebuild cost of the house as advised by Society of Chartered Surveyors Of Ireland to arrive at a realistic value?
 
I don't get that Sumatra, rebuild costs will currently be higher than a lot of values.
 
I agree with Bronte - this makes no sense to me. The rebuilding cost is not a useful indication of the market value and vice versa. Just as it makes little sense to insure for the market value it makes little sense to estimate the market value from the rebuilding cost.
 
Brendan Burgess said:
I thought that the myhome.ie one was the best, in that it gives a list of properties sold and for sale today in the area. For most of them, you can see the number of beds and the square footage. That must be best indicator.
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OK - I found their three step process/wizard a bit confusing because I didn't read the instructions! :eek:

Select the properties you would like to include in your property tax calculation and go to the Property Tax tab to see the average of your selection
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Excellent post ClubMan. The daft.ie guide gets my vote for simplicity and completeness (and accuracy based on my valuation of my own property - it seems spot on).

Thank You
 
Thanks Clubman,

As I said earlier I like the ***************** methodology for its simplicity - apply a factor to the purchase price in the year purchased.

I have used a hybrid method in which I apply the mgi factors to similar houses sold in recent years from the property price register.

I also like the daft.ie approach but find the use of the Americanism - "bathroom" when referring to toilets, confusing.
 
Hi Bronte, Clubman,

Perhaps you're both right. I was looking at those who have just built their own homes. They have the known cost of a site plus the cost of building (if insured then the rebuild cost). The total of the two sums gave me a value and I thought that value would be acceptable to Revenue.
 
I would expect that there are better ways for arriving at a market value estimation than adding the site plus construction costs or reinstatement value for insurance purposes even for a new house - e.g. see my original post.
 
mathepac said:
Excellent post ClubMan. The daft.ie guide gets my vote for simplicity and completeness (and accuracy based on my valuation of my own property - it seems spot on).

Thank You
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+1, very useful post. Thanks.
 
If your house was purchaced after 2005 then you could use the cso RPPI (2005 =100) index [broken link removed][broken link removed]

Its a little bit better than the mgi guide because you can calculate monthly factors up to Feb 2013 and also you can separate Dublin / Outside Dublin and Houses from Non House Residential Property.


Also you could conduct a sort of AAM "poll of polls" which would use all the methods listed above and arrive at a weighted average.
 
Thanks ajapale. I'd add that to the key post but I can't edit it at this stage... :(

So say you bought for a Dublin house €250K in May 2011 (index = 75.1) and want to estimate the value at February 2013 (index = 62.5) then it's...

(€250K / 75.1) x 62.5 = €208K?
 
ajapale said:
Also you could conduct a sort of AAM "poll of polls" which would use all the methods listed above and arrive at a weighted average.
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Actually that's a good idea, for someone to develop a website and ask estate by estate and road by road how much they intend valuing properties at, with maybe a six or property, no of bedrooms and size of garden.
 
Ive extensively redrafted Clubman's key post above. Ive added a short comment describing the basis of each valuation and Ive added a few new methods and split out a few others.

Ive also added a V or a B indication whether the output is a Value or a Band.

Comments Wecome.
 
Regarding house prices quoted on the PSRA web site it may be interesting to note the purchasers solicitor has 30 days from the date of the sale to lodge the documents with the stamping division of the Revenue before penalties start. Once it is stamped the property is listed on the PSRA web site within a week.
 
[broken link removed]

It goes on to enumerate the characteristics which may markedly alter the valuation of your house, such as:

■ Location and proximity to local services
■ Size of the property
■ Layout of the property
■ General condition of the property
■ Property specification
■ The decoration of the property
■ The availability of parking
■ Annual Service charges (if applicable)
■ The aspect of the garden (i.e. south facing)
■ Proximity to any eyesores (electricity pylons, landfill etc)

While many of these characteristics are subjective, they can have an impact on
the value of the property and should be considered when self assessing the value of the property.
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Estimating the price of the property

Here's how I arrived at the preset price of my property :

I live in Swords. I looked up propertypriceregister website for properties sold in my estate in the last 18-24 months. I matched the size of the house/bed rooms etc to arrive at the sale price. The month and year of sale was taken as a key starting point for the next calculation.

Using the drop in house price index , I calculated the drop in house price from the date of sale reported above to May 2013. The HPI by county is available from CSO .A simple search for CSO House price Index will return a link to the document.[Can't post links as I'm a newbie...]


The resultant band was 2 bands lower than that indicated by the revenue.Hope this helps.
 
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