Local Property Tax (LPT): How much would a professional valuation cost?

sahd said:
More like 99,999 - then the owners pays €90 for a full year instead of €225
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The first band is 0-100,000
The next is 100,001-150,000

http://www.revenue.ie/en/tax/lpt/lpt-faqs.pdf

But yes, the general point is that anyone whose property is worth up to 124,000 will value it at 100,000 just to get into the lower band.

Similarily, I have no doubt that where property is worth between 150,000 and 174,000, people will value it at 149,000.
 
The true value of anything is determined by the Market. Anything else is a subjective estimate/guess.
Where I live, there are some bust developer units for sale at pretty low prices. Clearly, the Market believes that these are still too high, as they ain't selling. If I sold tomorrow, I would have to sell for less than the receiver, so my valuation will reflect that.
If Revenue have a problem with that valuation, they can do whatever they please.
 
Luternau said:
If Revenue have a problem with that valuation, they can do whatever they please.
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Im quite sure that the truth of the matter is that they simply dont have the manpower or resources to go chasing and checking up on peoples subjective valuations. Theyll probably be doing well to get the money at all if the Household Charge is any indication.
 
mandelbrot said:
And bear in mind that we are talking about value bands of €50k. If you reckon you're near a band division, like many people will be near the 150k mark or the 200k mark, then you go in slightly low of it, and pay €90 less in LPT.

I don't see the state wasting massive resources in arguing with people over whether a house was worth €145k or €155k at a particular point in time, for the sake of €90.
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Funnily enough when I heard about these bands I decided that if i was say thinking my property was worth between 145K and 155K that I'd sleep easier and value it myself at above 150 so that for the sake of 90 Euro I'd never have to so much as have a hint of a quibble from revenue. You don't want to be dealing with those boys.

My valuation will be based on similar property of the same size that has been sold and is registered in the property price registar.
 
What value do you give to a property on an estate that's on the pyrite report? Strangely enough, there don't seem to be an awful lot of properties being sold there. I can't see the revenue allowing a value of 0.
 
truthseeker said:
I dont think any PAYE worker or anyone on social welfare would feel any fear about dealing with Revenue. Particularly if they had nothing to hide?
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Just because you have nothing to hide doesn't mean you'd want to deal with them. But I guess for a PAYE or social welfare recipient then it wouldn't be a potential big issue.
 
Seagull -I dont think the Revenue will care whethehr one values a pyrite-ridden house at zero or 100k (assuming it is somewhere between those value),because according to the official info anything "between 0-100.000" has the same charge.
Mind one could always value a pyrite ridden house at minus zero !
 
I have just recently discovered that a price indicated on the property price register for 2011 was in fact for a house sold in 2006. Apparently there is no obligation on owner/solicitor to register a property until they wish to sell it again. Bearing this in mind the price property register is irrelevant. Would like to hear any comments/opinions on this.
 
To answer OP.
I got a house valued last year for probate. LISNEYS charged me €246. SHERRY FITZ quoted me €369.
The valuation was a report that detailed the house.
 
DirectDevil said:
To answer OP.
I got a house valued last year for probate. LISNEYS charged me €246. SHERRY FITZ quoted me €369.
The valuation was a report that detailed the house.
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Did you shop around for the valuation?

In any case for the property tax this is now all pedantic as revenue are going to decide the valuations. And if people want to dispute that they can go to the expense of getting their own valuation. I'm happy that revenue will decide as then I cannot go wrong in underpaying this tax.
 
Bronte said:
Did you shop around for the valuation?

In any case for the property tax this is now all pedantic as revenue are going to decide the valuations. And if people want to dispute that they can go to the expense of getting their own valuation. I'm happy that revenue will decide as then I cannot go wrong in underpaying this tax.
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If someone decides to contest that, must they do it by way of a valuation? In my case, the original price for my property 6 years ago was X. Recently, the exact same property type in that estate has been put on the market for X-45%. Will a copy of such an advert be sufficient as proof of actual current market price - without having to go to the expense of a valuation?
 
You could refer to the property price register as the property should be registered on it by the time revenue have the letters out. It will be interesting to see if revenue will accept appeals based on the property price register. Which price will be accepted. Revenue's valuation or property price register
 
Dermot said:
You could refer to the property price register as the property should be registered on it by the time revenue have the letters out. It will be interesting to see if revenue will accept appeals based on the property price register. Which price will be accepted. Revenue's valuation or property price register
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I don't see why Revenue wouldn't accept valuations base on the Property Price Register. As they state on their website, all their data is taken from data submitted to Revenue. (see below)

"The Residential Property Price Register is produced by the Property Services Regulatory Authority (PSRA) pursuant to section 86 of the Property Services (Regulation) Act 2011. It includes Date of Sale, Price and Address of all residential properties purchased in Ireland since the 1st January 2010, as declared to the Revenue Commissioners for stamp duty purposes."
 
Dermot said:
It will be interesting to see if revenue will accept appeals based on the property price register. Which price will be accepted. Revenue's valuation or property price register
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It would be counter-intuitive if they didn't. After all, the PPR lists actual sales prices - how could they possibly dismiss that?
 
That would be my belief also. I hope owners will use the property price register where it is appropriate and not be paying out for valuations. I know that the property price register will not answer everything but if used properly can be a very useful tool. It should work well in housing estates etc. It is a pity that they did not show whether a house was a 2,3,4, bedroom house. It would have been so simple to add and would have been very helpful
 
Local Property Tax – Frequently Asked Questions

[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]6. 1 How will I value my property? [/FONT][/FONT]​

[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]• [/FONT][/FONT][FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]Revenue will provide guidance on how to value your property early in 2013.[/FONT][/FONT]
[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]• The initial valuation of your property on 1 May 2013 will be valid up to and including 2016. [/FONT][/FONT]
[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]• If you follow Revenue’s guidance honestly, we will accept your property value assessment.[/FONT][/FONT]​
[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]• In the meantime you might find the register of residential property sales, published by the Property Services Regulatory Authority (PSRA) based on Revenue Stamp Duty data ([broken link removed]) of assistance for valuing your property.[/FONT][/FONT]
 
There's a bit of talk here about "appealing" against Revenue's valuation if you're not happy with it - AFAIK this is redundant - the LPT is a self assessed tax, so regardless of what the indicative valuation is, it's up to you to value the property and pay whatever you like.

The point of the indicative valuation is that this is an amount that Revenue will definitely accept. If you declare a value in a lower band and pay less LPT then you leave yourself open to having your figure challenged, and having interest & penalties imposed.
 
But the property price register may show a price for a house registered in 2012 which in fact was sold in 2008 or any other year. My solicitor has advised that it is quite common not to register properties on purchase for varying reasons. Therefore property price register is misleading.
 
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