How to get property value for 2002

C

coochie

Guest
Hi I need to get the value of a property for 2002, any idea on how I can do this? Estate Agents not very helpful and looking for a fee, I just need an idea for tax reasons on a grant of probate which was never looked after
thanks
 
PTSB & ESRI produce a quarterly house price index going back to beyond 2002:

As this is my first post on here it won't allow me to post the URL (Grrrr), but if you google "PTSB ESRI survey" it should be the top hit (to the ESRI.ie website). Scroll down a bit and there's an excel sheet you can download with the index going back to 1997.

If you know the current value (or if the property was subsequently sold, the value it was sold for) you can work back to a reasonable approximation of the value in 2002...

For example:
Assuming property outside Dublin, valuation date Q3 of 2002:

Index Q3 2002: 90.1

(Say) Sold in Q3 2007 for €400,000. Index Q3 2007: 135.5

Therefore a reasonable estimate of the value in 2002 would be €400k x 90.1/135.5 = €266k

Or if its still on hand at a current value of say €330k, the latest index is at 96.1, so the 2002 value is €330k x 90.1/96.1 = €309k.

Thats a fairly transparent and reasonable calculatio; I know I wouldn't dispute it if it came across my desk (not least because using the index is likely to be less subjective than a retrospective valuation by an estate agent, who you can be fairly sure isn't likely to bust his/her hump to trawl through sales in your area from 2002 of comparable properties to find a realistic value - if they're smart they'd do a generalised calculation like mine above, and if they're lazy they'll pull a number out of their head and charge you for the privilege...!).
 
thanks Mandlebrot, unfortunately I dont have Excel so cannot upload the spreadsheet...i have no problem paying for a service but dont see why i should pay an EA €250 for a piece of information they could give me in 2 seconds!!
 
I would say it would take a bit longer than 2 seconds. For the purposes you require the valuation, your figures will need to coincide with the Revenues valuations or else you will be hit with severe penalties. Proper Valuers (not estate agents) will be able to source the figures but why should anybody do it for free.
 
Coochie, if you pm me your email address I'll forward you the index in a format you should be able to read. However, as mercman says, if you engage the services of a professional you can't expect something for nothing; you are paying for access to their knowledge and expertise...

Mercman, I'm not sure what "revenue valuations" you refer to. In my experience it is extremely unlikely that revenue would argue the toss on a logically reasoned calculation using a recognised index, such as the one in my previous post.
 
Forgot to also mention:
Penalty only applies in cases where fraud or negligence exist. Provided the taxpayer can show a reasonable basis for their valuation (eg. That it was calculated by reference to an index) then no penalty would apply even if revenue were to dispute the figure. (the caveat being, unless coochie is already under audit, in which case a penalty will apply regardless).
Interest and surcharge are unavoidable, given the timeframe.
 
OpenOffice (free download), reads and makes Excel-compatible spreadsheets.

For the value - why not just take today's market price? ;-)
 
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