Inaccurate LPT bands

Shirazman

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474
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.

I respectfully disagree. It's a simple process. Furthermore, I doubt strongly that Revenue are going to put too much effort into investigating a claim for repayment of a couple of hundred euros!
 

ClubMan

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45,797
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.
We'll, it's hardly "nod and wink" methodology to choose the band below what Revenue suggest when they have said that they will not be concerned about this happening...
 

Gordon Gekko

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6,339
We'll, it's hardly "nod and wink" methodology to choose the band below what Revenue suggest when they have said that they will not be concerned about this happening...
That’s not what they’ve said.

It’s potentially a ‘nod and wink’ methodology because the Revenue number is not a ‘suggestion’ and is in many cases nonsense.

There are far fewer ‘innocents’ in this country than the queries imply.

Most people know more or less what their property is worth, but lots of people are looking to create ambiguity to leverage that.
 

Shirazman

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474
So you're saying that the Irish Times article is false?

All that statement indicates is that they won't challenge such people at this point in time; instead they'll happily play the long game, biding their time until the property is sold - at which point they may unleash the hounds of hell (better known as arrears, interest and penalties).
 

Gordon Gekko

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So you're saying that the Irish Times article is false?
I’m saying that you’re reading too much into a newspaper article with quotes that have absolutely no legislative basis.

Let’s use an example…one band below Revenue’s estimate would put me at the price I paid six years ago. Since then I’ve spent hundreds of thousands and prices have rocketed over the period.

Do you think I’ll be okay if I stick it in at a level below Revenue’s estimate? That I can say “ah yeah, but sure the Irish Times article said it’s grand”.

The obvious read-through is that they won’t query it straightaway, but that a wave of trouble will follow in due course.
 

peemac

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1,352
Revenue guide is as rough as you can get. It just uses averages in a fairly large area and takes very little into account and probably errs on the high side.

It only comes into effect if you don't enter a valuation. So it's effectively the default value.

I'm three bands below. I could have gone 4 bands below as a property of similar size on the lane sold for the exact highest value of the band, but the tax difference is small, so not worth it.

In the townland (rural Kildare) prices in last 12 months in PPR have ranged from €235k to €1.1m. Their valuation for me was €700k+ (not even in 2007 was it this value) and I'm not going to lose any sleep over it and we are possibly moving in the next couple of years.
 

Peanuts

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134
The letter I received from the revenue has our house valuation 2 bands below what the guide map shows. That doesn’t make any sense to me.
 

SlurrySlump

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A house sold near us for €1m. It has possible development potential to the rear of the house. Maybe enough to build a two bed mews. The house itself is not worth €1m.
Because the people who bought this house paid €1m for it.....is it valued at €1m for property tax?

They paid this price for the possible future development of this site and original house. The identical house beside it is landlocked and would not sell for €1m.
 

Peanuts

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134
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.
I have the same situation in that the map function is 2 bands off the Revenues written estimate. In my case I think their written estimate is correct. Is there any explanation as to how they came up with the written estimate if they didn't use the map function.
 

Odea

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530
instead they'll happily play the long game, biding their time until the property is sold
How could they do this 6 or 7 years down the road? Every house will have increased in value......and all for lots of different reasons.
 

twofor1

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1,603
How could they do this 6 or 7 years down the road? Every house will have increased in value......and all for lots of different reasons.
Once the value declared was reasonably right on the valuation date, reasonable increases should not be a problem.

I sold a house last year, the valuation was correct in 2013, but the house sold several bands above and 75% more than it’s 2013 valuation.

The contract of sale refers to General Condition 4.2.2 on page 12 here;
https://www.revenue.ie/en/property/documents/lpt/guidelines-sale-or-transfer-sept-2017.pdf

For Dublin houses 80% above 2013 valuation was allowed, looks like the rest of the country was only allowed 50% above.
 

Shirazman

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474
How could they do this 6 or 7 years down the road? Every house will have increased in value......and all for lots of different reasons.

Indeed. And Revenue will ask the seller to set out those "lots of different reasons"! Which shouldn't be a problem for anyone whose original band valuation was accurate.
 

Sconeandjam

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214
I was checking the property price register and on the local map there are a few houses in a completely different estate marked on my estate. The houses sold were brand new with A1 rating and completely different style houses. What do you do there? Do you tell the property price register their gps on a number of houses are incorrect?

Also 2up 2 down house I have to review has been assessed next to large 3 beds with extensions etc. property price register shows second hand houses but does not say how many bedrooms are there. The three beds sold from €150 to €290 but revenue have registered the 2 bed house in band €250-€300. Other 2 beds in the town have sold from €125 to €180.
 

Shirazman

Registered User
Messages
474
I was checking the property price register and on the local map there are a few houses in a completely different estate marked on my estate. The houses sold were brand new with A1 rating and completely different style houses. What do you do there? Do you tell the property price register their gps on a number of houses are incorrect?

Also 2up 2 down house I have to review has been assessed next to large 3 beds with extensions etc. property price register shows second hand houses but does not say how many bedrooms are there. The three beds sold from €150 to €290 but revenue have registered the 2 bed house in band €250-€300. Other 2 beds in the town have sold from €125 to €180.

If it's your gaff, then you value it, don't pass the buck to the revenue map. And, if you genuinely haven't a clue how much it's worth, then ask yourself how much you'd be willing to sell it for in the morning and then value it in the corresponding LPT band!
Alternatively, pay a professional to value it for you - and get the valuation in writing.
 

trmartin

Registered User
Messages
13
I got a leaflet through the door at the weekend from Josepha Madigan which states that residents in DLR can enjoy a 15% reduction in their LPT. Is this correct, and if so, how does it work — do you reduce the value of your property by 15%?
 
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