I'm selling my house in Dublin. While it was my family home for 27 years, it's been rented out for the past 8 years. When it was valued for Property Tax last year (by me, on foot of lots on online research using sites like the property register, myhome, daft etc.) I valued it at between €400K and €450K.
Since then, properties in the area are selling almost like hot cakes and the prices have risen - the Estate Agent expects to get €550K for the house.
This is over the 15% threshold set by Revenue for property so I may be liable for some kind of punitive payment for under-valuing the house. BUT I DIDN'T! Apparently Revenue can stop the sale of a house unless they're happy with the valuation and property tax paid. Surely they will have to re-look at current market values versus those which applied even only 18 months ago in certain urban areas?
Would love to hear from anybody who is experiencing same.