Inaccurate LPT bands

Savvy

Registered User
Messages
136
In relation to the LPT bands, the accuracy really comes down to how similar your house is to those in your area. In my case I have a detached house in an area with a affordable housing estate and it brings my house down one band lower than it probably should be valued at.
Actually the houses on the other side of the road from me are in that higher band and they would be more similar to my house.
 

AlbacoreA

Registered User
Messages
3,629
...

Have any other readers noticed obvious mis valuations ?

Yes one house was over valued by about 33% other by about 10%.

I don't think it's easy to value them either. Many houses are achieving way over asking, and others simply won't sell.
 

MrEarl

Registered User
Messages
2,206
My advice is to ignore it, and look at recent sales of similar houses (and same them for reference), to get your estimated valuation.
 

RetirementPlan

Registered User
Messages
127
My advice is to ignore it, and look at recent sales of similar houses (and same them for reference), to get your estimated valuation.
Easier said than done, given that Property Price Register doesn't include any basic details of the property like number of bedrooms or floor space that allows you to identify relevant comparator property sales.
 

Gordon Gekko

Registered User
Messages
5,575
Revenue’s map function was a number of bands off for me and Revenue’s own written estimate was quite a bit off too. It was essentially what we paid 6 years ago plus 10%. Which, having spent a few bob in the interim, would be disappointing.

So I went through the Property Price Register and looked for comparable houses in the area. I found one which sold relatively recently and it’s quite similar. So I’ve printed the extract from the register and the brochure (which was still viewable). They’ll go on my file and I’m happy enough.
 

Paul O Mahoney

Registered User
Messages
1,121
Ours came in at exactly what 2 houses in the estate sold another just on the market at 5k under.
2 other properties formally pprs bang on value as we had them valued in March 21.
Even though it's a pain I can't fault the values that Revenue have used , If I got those values I'd be a happy bunny.
 

JD2021

Registered User
Messages
54
I too have noticed quite a high valuation band for my small town land in Laois, My own humble cottage valued at €160K , I have been on the lowest band since the LPT started. Looking at the town land, very specifically marked on Revenues Map, they are showing €201k up to €262k, whilst I am not doubting there are some far more valuable properties in the town land, not a single property has sold within a 2km radius of my cottage in over 8 years, the last to sell was actually sold way below my own valuation, 2 bed cottage needing restoration. Admittedly some new properties built and would certainly exceed €262k valuation, indeed being honest, I would say a lot of properties in the town land would be near or exceed €262K.

I will certainly be sticking to my current valuation despite it being at a minimum of €40k below revenues own estimations for the area.

Question:

I am curious has anyone actually received a notification from Revenue to complete this new self assessment task, I went on to my-account over the weekend, went into LPT page, saw a review request, assumed it was this new self assessment task, but in fact all it related to was confirming my annual payment of €99 and current bank details for DD purposes, I was not asked to self assess, or answering additional questions I have read about, re garden size, sheds etc and have not received any notifications or letter re this new requirement as of today 12/10/21

Thanks
 

ClubMan

Registered User
Messages
44,339
The Revenue messaging on this has been very very confusing. Telling people that they must value their property accurately but then also saying that even if they choose the band below the one on their valuation tool (which in some cases - my own included - already undervalues properties) they won't be chasing people over it. My reading of all this is that we're still at the stage of getting people normalised to property taxes (especially in the aftermath of two botched attempts to impose water charges - who else remembers the first one?!?) and once you're paying something that's not absolutely outrageously out of whack then they're happy.
 

Gordon Gekko

Registered User
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5,575
We’re going to end up with some people feeling like honest fools for paying the correct amount and others who apply ‘nod and wink’ methodology without ever being challenged.
 

Kimmagegirl

Registered User
Messages
287
We have a different mix of houses on our road. Detached, semi detached, new builds, bungalow. Some houses built in the 1950's, some in the 1800's, some last year and some in the 1990's. It's not a long road either.

A house a couple of hundred yds from me, on a different road, sold for €10 million, others have sold nearby for between €2m and €5m. On my road they range from €750k to €1.5m.

As it is a sought after area, houses sell quickly. Many of these house require complete modernisation. Money is spent on these with new kitchens, windows, extensions, bathrooms etc.

I think the Revenue site says that they would need an average of five houses sold on a road to get an idea of the average value of houses on a road.

However when a house is sold, we don't know if any work has been done to that house inside, because all houses are different and bits added to them over the years it is extremely difficult to value them.

Because it is a sought after area to live (Blackrock), people are paying high prices for specific houses but only specific houses. So a particular house on a road can sell for a lot of money while a house a few doors away won't sell. How does the person who owns the house that won't sell value his house when a house 5 doors away can sell for a large sum?

My own house is valued by the Revenue at just over €1m. Similar to what it was when property taxes where introduced a few years back. I would like to think that it has increased in value as do many of my neighbours, I would imagine. The problem is, is that many people will probably aspire to having a higher value on their home and value it accordingly.

It is not an easy job to value your property and I do not know how the Revenue expect people to be able to do this and punish them financially if they think they got it wrong.
 

NoRegretsCoyote

Registered User
Messages
3,180
It is not an easy job to value your property and I do not know how the Revenue expect people to be able to do this and punish them financially if they think they got it wrong.
If you are very worried about this get a professional valuation for a few hundred euros and put your mind at rest.

If you have a €1m house you will be paying €1k-ish a year LPT anyway so if the valuation gives you a pleasant surprise then it will pay for itself over the three-year period.

(Recall the 2013 valuations were supposed to last for three years but were extended to eight years)
 

Leo

Moderator
Messages
12,875
However when a house is sold, we don't know if any work has been done to that house inside, because all houses are different and bits added to them over the years it is extremely difficult to value them.

Sales are usually advertised online, so you can look up the photos to see what condition they are in.


How does the person who owns the house that won't sell value his house when a house 5 doors away can sell for a large sum?

Most houses will sell at the right price.
 

Shirazman

Registered User
Messages
216
It is not an easy job to value your property and I do not know how the Revenue expect people to be able to do this and punish them financially if they think they got it wrong.

It may not be an easy job to value your property but is it really that difficult to decide which LPT band it should go into? And even if you do overvalue it (for peace of mind), then the increase in the annual tax is likely to be less than €2 a week - which you are entitled to reclaim.
 

NoRegretsCoyote

Registered User
Messages
3,180
the increase in the annual tax is less than €2 a week - which you are entitled to reclaim.
In practice I suspect this process would be a huge hurdle a few years down the road, especially given what the OP said about the different styles of houses around her.

See Revenue guidance for correcting an overvaluation.

You should include the following information in your request to Revenue to amend your property valuation as at 1 November 2021:

  • how the original over-valuation arose
  • confirmation of the revised valuation band that you have self-assessed
  • documents to support the revised valuation band, to include at least one of the following:
You may also provide photographs of the property which clearly indicate the features that influence a lower valuation than the original valuation you submitted in your LPT Return.
 
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