LPT: Revenue Valuation different in letter from on line "heatmap" valuation?

R

rover

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I just got the LPT documentation from the revenue commissioners this morning and based on the tax due, the value that the revenue commissioners are applying in the letter is different to the value they present on-line for the property.

I live in an estate in Dublin 7 and all houses are the same in the estate.

I wonder why the Revenue commissioners are using two different values?

I have asked them to explain this and await their reply.
 
So the only questions are:
- Why are Revenue providing estimates when it is clear that they do not have the required information? The fact that any estimates are correct is just the dumb luck of averages.

- Why do Revenue expect every homeowner to be able to value their property? It would be somewhat difficult in a functioning market but in the current dysfunctional market it is pure madness.

Based on the logic of the property tax computation, why is independent BER certification required, why are we not allowed guess our own BER rating?
 
As the auctioneers would say, at auction we believe it will achieve x, we will advertise it's AMV at x-y to stimulate interest. On the fall of the hammer it sells for a price far in excess of x.
What is the point of getting a valuer to help with a valuation-they havent a clue either!
 
I hope you dont mind me piggy backing onto your post, but here's my info

Checked the Revenues website a few weeks ago and a Semi Detached in Naas Urban comes in Band 3 (150k-200k)
Got my letter from revenue the other day and they have the house pitched in Band 4.
Its hard to say what the value of the house is at the moment as I got a 2 bedroom extension on it, but there is one for sale without extension for 236k, so I guess the letter is a more accurate reflection
Daft.ie also have the house pitched in Band 4 with the extra 2 bedrooms

I have a feeling if I sent in the form valueing it in Band 3 I would get questions asked...
we are going to have a residents meeting in the next week or 2 to see what others are looking to value their properties at so at least we are all singing off the same hymn sheet as there are about 20% of the houses in the estate with the 2 bed extensions done
 
What makes you think, from all that, that you are safely in Band 3?
Do you not think that if Revenue see all the houses that they've sent Band 4 estimates in 1 particular estate come back all Band 3 that they won't smell a rat? I mean you've stated there's a much smaller house being offered at 236k, so how could yours be in a lower band than that?
 
dereko1969 said:
What makes you think, from all that, that you are safely in Band 3?
Do you not think that if Revenue see all the houses that they've sent Band 4 estimates in 1 particular estate come back all Band 3 that they won't smell a rat? I mean you've stated there's a much smaller house being offered at 236k, so how could yours be in a lower band than that?
Click to expand...

Dereko1969, I don't think you read tosullivan's post correctly, or at least I can't see where he said he feels he is safely in Band 3.

Quite the opposite is what I get from
"I have a feeling if I sent in the form valueing it in Band 3 I would get questions asked..."
Click to expand...
Maybe I'm wrong.......
 
Try the myhome, daft and ***************** calculators as a cross reference. The revenue heatmap is too coarse to be useful.
 
I think what I'm trying to say is as follows:

The house for sale at 236k without extension is over priced and definitely wont sell at that as they have typically went for 190-200k in the last year
So that realistically pitches mine in Band 4 when you add in the extension cost

However, what I was trying to say is that the letter has come out now saying the house is in Band 4, but their website has it in Band 3. However the website is so vague when it comes to no. of bedrooms/bathrooms that there can be a huge difference.
I like the Daft.ie site...it has the bedroom/bathroom option and gives a more realistic figure anyway for urban areas

Rural areas is a minefield I can imagine...does land size even come into it?
I mean you can have a small 3 bed cottage on an 1/8 acre in the same area as a 4 bed 3000sq ft house on a few acres and there would be very little difference in the valuation on the web between them
 
My house has been given a guideline valuation at a higher rate than the heat map. But less than I would hope to get in a hypothetical sale at this point in time.

But I am a realist.

I will pay this guideline rate.

It could be less or more than the price that somebody would be willing to pay for my house.

Adjustments can be made perhaps in 2016 if the economy changes.

Your guess is as good as mine in this current market.

Marion
 
tosullivan said:
I hope you dont mind me piggy backing onto your post, but here's my info

Checked the Revenues website a few weeks ago and a Semi Detached in Naas Urban comes in Band 3 (150k-200k)
Got my letter from revenue the other day and they have the house pitched in Band 4.
Its hard to say what the value of the house is at the moment as I got a 2 bedroom extension on it, but there is one for sale without extension for 236k, so I guess the letter is a more accurate reflection
Daft.ie also have the house pitched in Band 4 with the extra 2 bedrooms

I have a feeling if I sent in the form valueing it in Band 3 I would get questions asked...
we are going to have a residents meeting in the next week or 2 to see what others are looking to value their properties at so at least we are all singing off the same hymn sheet as there are about 20% of the houses in the estate with the 2 bed extensions done
Click to expand...

Have you checked the property price register? Also have your neighbours without extension told you the band they are in? We got ours and checked the register for the last house sold and the revenue were spot on. However, our in-laws house in Dublin appears massively overvalued.
 
My LPT letter is also in a higher band than that on the Revenue site, and also the Evaluation Guide from SDCC.

I have emailed the LPT email address - and will wait and see if they advise.

I am not sure what to do.
 
ajapale said:
The revenue "heatmap" in its current form is too coarse to be of much value.
Click to expand...
That being the case if they have further information allowing them to give more specific estimates for specific properties then it makes little sense that they did not incorporate that into the "heatmap".
 
sahd said:
I could be wrong . I just thought that there can be no way that Revenue know the type or size of house they are sending a letter to. The map (as bad as it is) allows users to select property type.

My theory will be proven wrong if several neighbouring houses get different estimates.
Click to expand...

You should probably read pages 9-11 of this (or indeed the whole document - not that I have!) to get a better idea of how they arrived at the figures in the letters:
http://www.revenue.ie/en/tax/lpt/valuation-technical-paper.pdf

According to it, there is property-specific information incorporated in the model, drawn primarily from the Geo-Directory.
 
What if you don't agree with the estimate given in the letter by revenue, do you have to appeal it in order to be able to proceed with submitting a lower one? Or are you appeal to submit a lower property tax to revenue and just have the back up information/data if revenue do decide to audit/review your lower submission?
 
LPT estimate lower on revenue notice than on-line self-assessment tool

I received my notice in the post and unlike most posters my estimate calculated by Revenue is approx. €100 lower than their map on the revenue website.

Should I just go ahead and pay the amount specified on the notice or ignore it and let them come and collect that lower amount when it falls due?

Are there any implications for submitting the lower amount as specified on their letter?
 
FTB1975 said:
I received my notice in the post and unlike most posters my estimate calculated by Revenue is approx. €100 lower than their map on the revenue website.

Should I just go ahead and pay the amount specified on the notice or ignore it and let them come and collect that lower amount when it falls due?

Are there any implications for submitting the lower amount as specified on their letter?
Click to expand...

Well since you are (presumably) a grown up, you should read what was sent to you, which outlines your obligations, and then make a decision as to whether or not you want to be a compliant taxpayer or not, and act accordingly.

This must be the umpteenth time I've typed these words - IT IS A SELF-ASSESSED TAX - this means you are obliged to decide how much your house is worth, and file a return and pay the appropriate amount of tax, based on whatever you decide your house is worth.

The figures on the map and in your letter are simply average values based on geographic area and what house type they think you live in - they ARE NOT VALUATIONS OF THE VALUE OF YOUR SPECIFIC PROPERTY. If you don't comply with your obligation to value your house and pay the tax, then the amount on the letter is the amount they will seek to collect by one of the various means available.
 
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