The new small area LPT bands show a house I own in Band 3 €262,501- €350,000. The small area includes just a part of one housing estate.
The highest price ever achieved for a house in this small area according to the PSRA website was €150,000
I know its a self assessment tax, but my house is no different from any other house in the estate and if I opt for band 1 I am in effect saying the Revenue guide is wrong, is there any way to ask Revenue to reconsider its valuation.
Have any other readers noticed obvious mis valuations ?
the guidance should inform that valuation though.Is it not just self-assessment?
i.e. there may be guidance out there, but ultimately it’s what the property is worth on 1 November.
I wouldn’t have thought so.the guidance should inform that valuation though.
ill put it another way, i would assume if you use the band this small areas LPT gives you, id imagine you should be relatively safe should you be challenged (within obvious reason)I wouldn’t have thought so.
The valuation should be informed by comparative properties in the area (sales rather than asking prices).
Both similar properties and ‘per square foot basis’ comparisons in the area.
Not at all!ill put it another way, i would assume if you use the band this small areas LPT gives you, id imagine you should be relatively safe should you be challenged (within obvious reason)
Why?The house is worth €180k or €190k. Revenue have it in Band 3 i.e. > €260k. All houses in the estate are similar. So my self assessment tells Revenue that they are wrong by 2 bands. While I think this is the case I am concerned that I may be opening a can of worms.
It's not that simple. I bought my house new in 2016, there are 18 similar houses in the estate, not one has sold.Not at all!
Bands or guidance or indicators have no relevance at all.
Work out the market value of your property and go with that.
Everyone seems to want to play ducks and drakes with material that Revenue have come up with.
This process is very simple for the vast majority of properties. What’s the property worth on 1 November? End of story.
Most people would need more than market value to sell their house, in some cases infinitely so. At any point in time most people don't want to sell their house!I know what it would take for me to sell it, but that's higher than what I can value it at using things like the small area map or cso inflation figures for dlr.
I’m not having a go at you personally, but that playing ducks and drakes. Look at house price inflation over the last five years. Look at properties with a similar profile and spec in the general area and work out a “per square foot” basis.It's not that simple. I bought my house new in 2016, there are 18 similar houses in the estate, not one has sold.
You can't give a definitive value as the market hasn't been tested.
I know what it would take for me to sell it, but that's higher than what I can value it at using things like the small area map or cso inflation figures for dlr.
i think i know what my house is worth, but i also know what i can reasonably stand over is its value using other metrics in the absence of anyone selling one in the meantime. ill be going with the lower figure.I’m not having a go at you personally, but that playing ducks and drakes. Look at house price inflation over the last five years. Look at properties with a similar profile and spec in the general area and work out a “per square foot” basis.
This is classic Irish stuff…with respect, you know more or less exactly what your house is worth.
So you're knowingly putting in a lower value in a tax return? Think there's a word for that.i think i know what my house is worth, but i also know what i can reasonably stand over is its value using other metrics in the absence of anyone selling one in the meantime. ill be going with the lower figure.
Its exactly what Revenue have instructed people to doSo you're knowingly putting in a lower value in a tax return? Think there's a word for that.
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