LPT: Revenue Property Valuation Guide (The Heatmap) now live

geri, personally I'd like to make my accountant aware of any dealings I have with revenue and if the accountant wishes to offer an opinion I'd appreciate the feed back. I know many don't have an accountant but most self employed do.

I have pointed out earlier how wasteful it was paying for a professional valuation. I paid for two separate valuations and the figures differed by 21%.

No letter received yet.
 
Sumatra said:
I have pointed out earlier how wasteful it was paying for a professional valuation. I paid for two separate valuations and the figures differed by 21%.
Click to expand...

Which by the way proves my point that Revenue were on a hiding to nothing producing that map, since it can't be specific enough to cater for individual properties, what hope do they have of keeping people happy, when professional valuers looking at one specific property can't even agree to within a margin of 20%.
 
I live in the Docklands area. It says that my one bed is worth 250k. A two bed would but not mine, I really wish that was the case, 100k lower. What do I do? Just choose the lower band? Do I have to actually prove it? Do I need to attach some kind of documentation? SIZE MATTERS in some cases!!!!
 
You just need to do an honest and accurate (as accurate as is feasible) assessment of the fair market value of your property. The Revenue area estimates will definitely be too high or too low for some properties. Wait and see if they come up with something different and more specific when they write to you. Even then consider things like (a) any similar properties sold recently ([broken link removed]) (b) asking prices for similar properties in the area (not ideal but an indicator of what the market value might be - e.g. www.daft.ie, www.myhome.ie, www.property.ie, www.thepropertypin.com, historical sale prices and indexation as mentioned earlier by Brendan Burgess etc.) (c) what you think is a realistic/reasonable price to pay or receive for your property. You could always get a valuation but these aren't necessarily any more accurate than other data and it's hardly worth paying (c. €100 or more I presume?) for one. I'd imagine that unless you choose some obviously crazy valuation for your property that Revenue will be happy.
 
Thanks for your advice. I will wait and see if that is actually what they tell me when they write out to me. I had a look at the property register and it showed a huge difference. One beds not easy to sell at the moment. If they want to know why I have chosen that then I guess I can prove it. I feel most sorry for my elderly parents, their house is nothing like the valuation I can see on the estimator, I hope they don't pay this, I think older people will be fearful not to.
 
I wouldn't assume that "older people" are necessarily mugs when it comes to tax. Quite a few of them lived through (and some of them availed of) a number of tax amnesties and refused to pay property tax the last time it came in!
 
True true, but they don't all have the IT skills to do the research and many that I know don't question the tax man because they fear him. ( I would love to say my folks were standing up and refusing to pay but I am afraid they weren't and have always been very honest).
 
apple1978 said:
I would love to say my folks were standing up and refusing to pay but I am afraid they weren't and have always been very honest.
Click to expand...

This I don't get, your parent's are honest, they always pay their taxes and this is a bad thing? If everybody were more like them maybe we'd all pay less taxes.
 
DerKaiser said:
Three houses sold in our estate over the last 6 months, all quite similar. One barely crept into the band suggested by the guide whilst the other two were comfortably in the band just below.

I will have no problem in justifying dropping a band down based on an average of actual sales. Also, from checking out a few valuations of family / friends houses, the valuations do seem to err towards the higher end.
Click to expand...

Got my actual letter today. The band we've been placed in is one above the one on the website and two above the average house price sold in the estate in the last six months.

I am not paying €180 per annum above the level suggested by recent house price sales of identical houses!!
 
Don't you find it amusing that the whole country is up in arms about the value of their property now and how to calculate it.However go back to circa 2005 and EVERYONE was an expert on the market value of thier homes and the Jones homes!!and exactly the % increase in value since the day they bought it....% increase since the last month...% increase since they had their breakfast! Oh how times have changed, what short memories we all have!
 
Yes who wants a property worth a million thesedays! The vulgarity of herd behavior during the Celtic Tiger years but lets not forget not everyone ran with the herd (perhaps apples parents and for certain my own mother). When people lost the run of themselves dropping down a peg or two was a benefit to society and presently with all that is going on I like to think my glass is still very much half full.
 
DerKaiser said:
Got my actual letter today. The band we've been placed in is one above the one on the website and two above the average house price sold in the estate in the last six months.

I am not paying €180 per annum above the level suggested by recent house price sales of identical houses!!
Click to expand...


Nor are you expected to. There is no better way to fairly evaluate your house value than to use the sale value of houses similar to your own in your neighbourhood.
 
David_Dublin said:
Nor are you expected to. There is no better way to fairly evaluate your house value than to use the sale value of houses similar to your own in your neighbourhood.
Click to expand...

I'm not so sure about this. Isn't there some differentiation between market value and actual value?

You may argue that your neighbours home sold for X. But revenue could counter that the actual value of the home was Y and therefore your home is actually worth Y despite what the market says.
 
theoneill said:
You may argue that your neighbours home sold for X. But revenue could counter that the actual value of the home was Y and therefore your home is actually worth Y despite what the market says.
Click to expand...

Why would revenue do this? If you can prove that recently a similar property sold for X and you're valuing your house at X there should be no problem.
 
Bronte said:
Why would revenue do this? If you can prove that recently a similar property sold for X and you're valuing your house at X there should be no problem.
Click to expand...

This is absolutely correct. Some people seem to be going out of their way to over-complicate this. There are very few people in Ireland who dont have a pretty good idea what their property is worth. There are fewer still who wont be able to make an informed guess based on what similar houses sold for. Armed with that information, this really is quite simple. Revenue are not out to get people, and there wont be any issues unless they find that you have elected to apply a value significantly below what it should reasonably have been valued at.
 
Yes, the ONLY value of a property is what someone is willing to pay/has just paid for it, not sentimental value, not cost of replacing.

I just cannot understand how some people -including my neighbours - keep repeating "how can we value our houses ?-we have no idea". They're mainly professional, educated people -yet proclaim complete ignorance about valuing their house.

I suspect the real reason for their professed ignorance is that they don't want to pay "too much " and rather low estimates are being bandied about. When I suggested maybe add 100k to the estimate just to be on the safe aside it was as if I said let's kill our first-born. Yet the extra band payment is 180 euros p.a. And there are no impecunious widows where I live.

I'm retired,not rich and I do resent this tax- and the especially stupid timing. But frankly I'm relieved that it doesn't approach the property taxes being paid in U.K., U.S.A or most other EU states where such charges are several times greater.
 
David_Dublin said:
This is absolutely correct. Some people seem to be going out of their way to over-complicate this. There are very few people in Ireland who dont have a pretty good idea what their property is worth. There are fewer still who wont be able to make an informed guess based on what similar houses sold for. Armed with that information, this really is quite simple. Revenue are not out to get people, and there wont be any issues unless they find that you have elected to apply a value significantly below what it should reasonably have been valued at.
Click to expand...

+1 million
 
oldnick said:
I just cannot understand how some people -including my neighbours - keep repeating "how can we value our houses ?-we have no idea". They're mainly professional, educated people -yet proclaim complete ignorance about valuing their house.

.
Click to expand...

I thought it was a national sport at dinner parties during the Celtic tiger. Everybody seemed well able to value their houses then.
 
The value of the property is the market value on the 1st May. If you can establish that by way of a recent sale of a similar property you have absolutely nothing to worry about. BTW in the interview with Pat Kenny put a notional situation to the chairman of revenue that if there were five similar in an roadway and one is sold for a crazy price over the top price because of some "emotional" attachment would this be the price for the others with revenue. She sensibly replied No.
 
You must log in or register to reply here.
Back
Top