Who assesses market value of property?

W

Woodie

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My family inherited a parent property 2 years ago. Due to family reasons, location, technical issues, we have been unable to sell the property before now. As it happens the value of the property has definitely gone up in value as it is in Dublin. The difference between the value at death and now is, as I understand, liable to CAT.
The problem we face is correctly assessing the market value at the time of death. Who does this; Revenue? Estate Agent?
Looking to the property register there were several properties sold in the same year, apparently exactly the same [this is subjective of course] but the price variance is about 50K, so not peanuts.
Question is, as stated above, who will the Revenue trust when it comes to "market value" at time of death. I get the feeling they will want the larger "pound of flesh".
TIA for any reliable or experience based advice.
Woodie
 
There are a number of mechanisms you can use.

1. Probate value. Did you apply for Probate? Did you get a valuation? If yes, you can see the difference in value. The increased value will give rise to a CGT liability, if you sell.
If you don't sell, then, if no CAT was due at the time of inheritance, your share of the property has simply gone up in value.

If you did not do Probate - you'll need to do that to sell. And you'll need a date of death value.

2. Property price register. It's possible that you may still be able to glean from old ads what kind of condition similar properties were in when they sold. Which would help you attribute a value to your parent's house. Indeed, given all of our unhealthy fascination with property price, its likely that at least one or more members of the family have been tracking local prices and mentally comparing them to your house.

3. Finally, ask an Estate Agent who handled one of those sales to proffer a valuation for Revenue usage. if it is a sensible value ( and my view is you're probably looking at about 30-35% lower than what you would currently achieve)

I don't find Revenue scary - if you're sensible, they are more likely to accept figures as proffered. Once a person starts taking the proverbial................

mf
 
Ir's fairly common to get an EA to do a valuation; it's also often common for the EA to do it free if he/she gets the contract to sell the property. Typically this is done by paying a valuation fee and getting it offset against the commission when the sale is completed.

The valuation is initially more the concern of the Probate Office than of the Revenue Commissioners, although the Revenue Commissioners take an interest in due course. In my experience, they are more interested in getting things right than in bumping up tax liability. And when it comes to valuing a property, the best you can reasonably do is get a figure in the right ballpark. They will accept that.
 
Thanks to mf1 and Padraigb for your input; its helpful.
The issues are being handled by our solicitor but I am the family contact point. My query arose from the fact that the EA has now returned with a value less than their own valuation a year earlier and a lot less than the average in the property register for similar properties in the year in question.
I'll give my findings to the solicitor and let them handle appropriately.
 
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