The valuation has to be independent to have any evidential value.Do you actually have to have an auctioneer to give a value? I've no idea but it was mentioned by a poster on another thread. We are allowed to value our own properties for LPT. So I wonder why one cannot do it for other tax matters.
Also, any undervaluation and underpayment of LPT can and will be be caught up with when the property is eventually sold or bequeathed.Self-valuation is safe enough in relation to LPT where even an egregious under/overvaluation is only likely to make a marginal difference to the current tax position or any future tax position based on it.
My understanding is that this happens only when the figures are spectacularly out of kilter, although caveat emptor always applies to questions like this.Also, any undervaluation and underpayment of LPT can and will be be caught up with when the property is eventually sold or bequeathed.
Happened with my mother's house during probate even though I had done the registration for her and was sure that the valuation band was accurate at the valuation date. I don't know the full details because I wasn't an executor and the whole thing took so long that we were all just relieved to see the back of it. As far as I know the probate solicitor insisted on arrears for a higher valuation band be paid. God knows whether they were correct or not...My understanding is that this happens only when the figures are spectacularly out of kilter, although caveat emptor always applies to questions like this.
Yes, correct. You apply for 'specific clearance' from Revenue. Once Revenue accept that you can reasonably justify the valuation you used there's no arrears to be paid.If you value your home reasonably and then put it up for sale only for two or more idiots to outbid each other and net you a selling price well in excess of what you could have reasonably expected for it, you shouldn't and most likely won't be facing an LPT arrears issue.
Weird. Knowing your general approach to everything here I'd be amazed to hear it alleged that you were effectively scamming the system and had it happened to me, I'd have taken great exception to that.As far as I know the probate solicitor insisted on arrears for a higher valuation band be paid. God knows whether they were correct or not...
My recollection is that it sold for a price one or two bands higher than the November 1st 2021 valuation which was selected in good faith so maybe that triggered the need for a revaluation and payment of arrears? As I say, I don't know all the details and the whole probate experience was such a mess (no fault of the executors) that we were all just relieved to see it done and dusted - even if it's possible that, here and in other respects, more expenses were incurred than may have been absolutely necessary.Weird. Knowing your general approach to everything here I'd be amazed to hear it alleged that you were effectively scamming the system and had it happened to me, I'd have taken great exception to that.
The onus is on the owner to state the fair value of the property at the valuation date. They are not obliged to track or account for any subsequent price spirals.
I fully understand your anxiety to get it wrapped up, and the necessity sometimes to take a small defeat on a minor issue to achieve that.