Hi
I am hopefully going to be buying a property in the next couple of months, however I am unsure what I need to do regarding the LPT. How can I find out what the vendor assessed the value of the property as? And I presume I can just register on the website with the address once the sale closes and I am the owner? Then will I be asked to submit a new valuation, or will I not need to do so until 2016 when valuations are revised/resubmitted?
The relevant date for the valuation is May 2013. If you are happy with the valuation the vendor placed on the house back then, you can just leave it. If you are not happy with the valuation, you must correct it.
You won't be liable for the LPT for 2014. You will have to make arrangements to pay the 2015 LPT in November 2014.
Thanks Brendan. But how can I find out what the vendor valued the property at in May 2013? Is there a public database somewhere or will revenue be able to tell me (once I am the owner obviously)?
We just purchased a house and our solicitor ensured that the sellers paid the value of the property tax based on purchase price. We were not told of this until the last minute and that we were liable to reimburse the sellers.
My question - assuming that prices have been "frozen" from 2013, would it not have been reasonable to accept a lower band?
I am now fearful I am stuck in a higher band and am certain that neighbors will be paying less.
Correct, I only have to pay an apportioned amount. My query is in relation to value. You note that I am paying based on current market value. Should it not be based on value at May 2013? This would certainly be less. Thanks
Well as a start I would put myself in the lower band (€80 less). At a stretch I could go two bands less and save €160. I would be comfortable with this valuation based on the property price register and houses in the area sold in the second half of 2013.
Nothing I will lose sleep over but also dont want to pay too much tax!