Estimating LPT 2 bands lower

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I've just completed the LPT for a house two bands lower than recommended by Revenue. The house was built in 1968 and bought 7 years ago for approx €400,000. In the meantime four other houses (built in 2006) were sold for approx €800,000. I've just noticed that Revenue have a note saying to decrease the value I will need to submit a copy of valuation or pics indicating features that explain why the lower valuation. I can justify the lower band based on BER (B vs D), date built (2006 vs 1968), heating (underfloor heating vs some working rads), views (sea view vs no sea view), finish quality (all mod cons e.g. granite worktops, double ovens, american style fridges etc. vs plywood worktop, single fridge etc.). Do I need to submit this info before 7th Nov or wait for a request from Revenue? TIA
 
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Thanks for the reply Protocol. I have estimated the house value in band 6 (€515,000 to €612,500) which is probably still over-valued but two bands lower than Revenue's estimate. The question is do I need to submit this info to Revenue now or have it at hand in case the lower valuation is questioned.
 

NoRegretsCoyote

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Let us check house price inflation since 2014:
What month in 2014 did you close the sale? Is the house inside or outside Dublin? What was the exact sale price? If you tell us this we can just apply the average uplift from the relevant CSO index to get an estimate for today.

If this gets you in the band you feel is right then it's all the proof you need.
 

Shirazman

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Thanks for the reply Protocol. I have estimated the house value in band 6 (€515,000 to €612,500) which is probably still over-valued but two bands lower than Revenue's estimate. The question is do I need to submit this info to Revenue now or have it at hand in case the lower valuation is questioned.

LPT being a self-assessment tax, Revenue expect you to estimate of the valuation of your property and then inform them what LPT Band it falls into, no more and no less.

Only if they later decide to challenge your valuation will you be required to justify it; so it's at that point that you can explain to them the rationale that you used to calaculate the value.
 

peemac

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There's no problem with two bands or even 3 bands lower once you can give proper explanation for it.
I went two bands lower (would sell tomorrow if I could get their estimate) and can justify it, so not in the least bit concerned.
 

cremeegg

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I've just noticed that Revenue have a note saying to decrease the value I will need to submit a copy of valuation or pics indicating features that explain why the lower valuation.
??

Where are you seeing this ?
 

jpd

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That seems fair enough - why did you evaulate it 2 bands higher initially?
 
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