Idea for list from recent house buyers price paid vs property tax valuation

Hi there,

How would people feel about a thread being started where recent house buyers list the % difference between what they paid for their house and the estimate of the value revenue send them for the proprty in the coming weeks.

Say 2011 to present or something along those lines.

Say billy paid 100k and revenue send him a bill for a house valued at 110k, billy would post that his estimate was overestimated by 10%

I think recent buyers who have paid stamp duty for their houses and revenue have their stamp duty details are in the strongest position to challenge their value estimate. Given that what they paid is the value


The main aim being to track how accurate revenue are with their estimates

*I know house prices are a no-no here so I thought % difference would be the best option

in keeping with above.

what if billy knew the seller( family member/good friend)...house worth 110k but sold for 100k or seller wanted quick sale and sold for 100 when in fact house worth more.

point im trying to say is house value and selling price r not always in line

Hi

The only ban on askaboutmoney is the discussion of the future direction of house prices - and that is only until someone writes a balanced summary of all the issues.

There is no problem at all with someone posting this information.

I take my house price for insurance purposes from the annual listing of the "Society of Charted Surveyors" This is the rebuild cost and takes in the type of house and location
The market value is up and down as we know

On the issue of value,price paid,purchase price.

Revenue.ie said:

In the meantime the Residential Property Price Register at www.propertypriceregister.ie produced by the Property Services Regulatory Authority (PSRA) provides actual sale prices of all properties sold since January 2010.

Click to expand...

I think Revenue are interested in market value. So what you bought your house for should be the most accurate value for the tax. So price paid which determines stamp duty should be easy to defend if you challenge thier estimate and revenue challenge your estimate

Im just trying to guage how interested people would be in the information and posting the information in relation to price paid vs revenue estimate. It might help people decide how accurate the revenue estimates are

If there was a trend it might empower people to challenge revenue if they thought their house had been overvalued. -by my empower I dont mean it could be used as evidence but it might help reassure people to submit their own valuation if they thought Revenue had over estimated the value of their house

I bought my house for €300,000 it is now worth 150,000, I paid stamp duty on €300,000. Hardly a fair way to assess the value.

The market value in 2013 is the appropriate way in so far as you can judge it. The property price register will be a good guide in many places. There will also be many areas where there will be very little guidance. You can expect thousands of howlers in the revenue guidelines. Always remember that it is MARKET VALUE not replacement cost or insured value is what you will be doing your calculations on.

roker said:

I bought my house for €300,000 it is now worth 150,000, I paid stamp duty on €300,000. Hardly a fair way to assess the value.

Click to expand...

What you paid for it is not relevant. If it's worth 150K and you think you can back it up go for that, but don't undervalue.

I'm a bit baffled by all this - I would have thought they'll just tell us "we estimate your house value is 150-200k", why would they get into specific values when they're only relevant around the cusps between bands...

Well that would be the common sense approach, but that doesn't mean it'll happen!

roker said:

I bought my house for €300,000 it is now worth 150,000, I paid stamp duty on €300,000. Hardly a fair way to assess the value.

Click to expand...

Well there you go you are a perfect example of why I thought this would be a good idea.

If someone in your position know/believe their house is worth 150k and revenue write to them and say its worth 165k they might feel more confident in telling them its worth 150k if there was a trend that showed revenue had overestimated by say 10%.

People that bought houses in the last year or even two years have better evidence than someone in your position to say what the market value acutally is.

Would a person be well advised to obtain a current Auctioneer's Valuation before estimating one's liability so as to avoid trouble down the road?

I await with interest Revenue's values. For one of my properties I know the sale agreed price on the same street for 2 properties recently so interesting times ahead maybe.

We now have the property price register for actual house sale prices and now this new revenue valuations. This will make for great debates in the next few weeks. And I'm sure a few fights with revenue too. It has all the makings of a fine mess.

I agree with Bronte's last post. To give you an example I have a sale agreed on a property for €70K in an estate. All houses are the same. Normal condition. Property was for sale a bit over a month. I bid what I had to to purchase the property and it was advertised and available for anybody else. There was no sweetheart deal. The same week a leading local Auctioneer valued a similar house 2 doors down for an owner who is considering selling at between 125K and 130k. Another Auctioneer has a similar house for sale with an asking price of 200k which is absolutely crazy. There are no sales in the estate listed on the propertypriceregister. I do not think I got a crazy bargain but I am not so sure about paying "expert valuers" after that example.
I wonder will there be a facility where owners having self assessed the value at an early stage of the process and then find out that a similar house beside them sold for a price in a lower band be allowed to amend this. What I mean is can you amend prior to the closing date for all self assessments having to be in

The LPT being a self assessed tax presumably means neighbours will all be singing from the same hymn sheet?