Can I value my property at a different rate that the one I recently purchased it for?

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faketales

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Completed the purchase of a house last month. The price we paid is in band 5 by <10k. However revenue has put the estimate in band 4 and it also shows it as band 4 on their map.

There is one other recent sale in the estate from the last few months in band 5, just. I find it hard to argue that the house is not worth what the market had us pay, however I'm sure most people in the estate will just go with what revenue recommends, hey the next house could go for a few k below where the band changes.

Could I look at the average sale price for the last 12 months / 2 years.

I guess I feel that the covid lockdown resulted in lack of supply in the area may have led to an artificial high. This should change next year. I don't mind paying what I did put don't want to be the only one in the area on the higher band because of it.

I presume we don't get to revalue next year and these are stuck for 5+ years?
 
......although if you paid higher for it because of development potential in the future I think you should be able to argue that the house was worth €x and the future development if utilised was worth €y.

Do you have to pay tax on something that might not happen?
 
Bronco Lane said:
Do you have to pay tax on something that might not happen?
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Yes. Because the option adds to the market value of the property even if you never exercise it.

This is the legal definition:

“chargeable value”, in relation to a relevant residential property, means the price which the unencumbered fee simple of the property might reasonably be expected to fetch on a sale in the open market were that property to be sold on the valuation date in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the property;
 
Gordon Gekko said:
I think you’d be mad to go with anything other than what you paid
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Cheers. Hard to argue with that to be fair unless there was some clause.

It does seem recent buyers will be tied more likely to be penalised as the market is above even most professional valuations I have seen.
 
Forgive me if this is a stupid question, when we value our houses is that valuation the only valuation for the next five+ years like the last time
or do we get to adjust the market value on a yearly bases both up and down as applicable ??
I'm asking as I think in the current property market our houses are slightly over valued at the moment due to lack of supply and though probably not going to change in the short term, it could!!
 
Cervelo said:
Forgive me if this is a stupid question, when we value our houses is that valuation the only valuation for the next five+ years like the last time
or do we get to adjust the market value on a yearly bases both up and down as applicable ??
I'm asking as I think in the current property market our houses are slightly over valued at the moment due to lack of supply and though probably not going to change in the short term, it could!!
Click to expand...

The next valuation date for LPT is 1 November 2021. This means that you need to self-assess the value of your property as at 1 November 2021. The valuation of your property on this date will determine the amount of LPT you pay for 2022, and for the three years from 2023 to 2025.

https://www.revenue.ie/en/property/local-property-tax/valuing-your-property/index.aspx

faketales said:
It does seem recent buyers will be tied more likely to be penalised as the market is above even most professional valuations I have seen.
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Penalised?!
 
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