LPT: Revenue Property Valuation Guide (The Heatmap) now live

It is indeed very easy to use. However, unless I missed something, there is no provision for no. of bedrooms, which has a big bearing on value.
 
Where I am, its bringing in my house in Band 2....

I have a 5 bed detached 3500 sq ft house built before 2000. Its putting it into the same bracket as my Buy to Let 3 bed semi in the same area at 1000sq ft.
So certainly not accurate for me anyway.
 
Its putting me in the €200-250k bracket yet the highest sale per the property price register for my house type (3 bed) in my estate in the last 3 years was €185k. Also as pointed out no provision for no of bedrooms so the 2 bed houses in my terrace will be way overvalued per this (they may just come in under €150k)

I might actually squeak into that band in the end myself as built an extension but the guide doesnt know that.
 
From the Revenue website

Property valuation guidance will be available from 10 March 2013 and this will include an on-line guide that will provide indicative property values. Revenue will not be valuing properties for LPT purposes.


The valuation guidance is based on:

  • The type of property e.g. detached, semi-detached, apartment etc.
  • The age of the property e.g. built before the year 2000 or after.
  • The average price of the type of property for the general area.
You will need to consider the specifics of your own property when using Revenue’s valuation guidelines. If you follow Revenue’s valuation guidelines honestly, we will accept your property value assessment. However, if you feel that the guidance is not indicating a reasonable valuation for your property, you should make your own assessment. You are responsible for ensuring that you choose the correct value band for your property. If Revenue has reason to believe that the amount you have declared on your Return does not reflect the market value of your property, we may raise an assessment for a different amount.
Other sources

You might find the register of residential property sales, published by the Property Services Regulatory Authority (PSRA) based on Revenue Stamp Duty data (www.propertypriceregister.ie[broken link removed]), of assistance for valuing your property.


You may choose to obtain a valuation from a competent professional valuer. Some valuers are offering a special price for LPT valuations. If you have purchased your property or obtained a professional valuation in recent years, you may use this valuation and adjust for any change in property values in your area since the date of this valuation.


You should also refer to other sources of information relating to local properties such as the property section of local newspapers, information from local estate agents and property websites.


A copy of the information sources used by the property owner to inform his or her self-assessment of the value of the property should be retained as proof of compliance with his or her LPT obligations.
 
Three houses sold in our estate over the last 6 months, all quite similar. One barely crept into the band suggested by the guide whilst the other two were comfortably in the band just below.

I will have no problem in justifying dropping a band down based on an average of actual sales. Also, from checking out a few valuations of family / friends houses, the valuations do seem to err towards the higher end.
 
Why does it matter whether before or after year 2000?

I checked the FAQ and guide from revenue site and do not find an answer to this? It seems to be less if pre-2000, not sure why.
 
It seems to be less if pre-2000, not sure why.
Click to expand...
The few I saw were more if they were pre-2000.

I would have thought that the number of bedrooms, or the size of the property, would be a better indicator.
 
well its telling me that my 2 bedroom apartment that i rent is in the same band as my 4 bed semi...... both built prior to 2000 '

the apartment to me is now in band 1 not band 2
 
Brendan Burgess said:
From the Revenue
Property valuation guidance will be available from 10 March 2013 and this will include an on-line guide that will provide indicative property values. Revenue will not be valuing properties for LPT purposes.
Click to expand...

Thats such a cop out by Revenue. The number of bedrooms and size of a house/apt has a huge bearing on value for this tax. It just shows you that despite the huge media campaign during the week, Revenue dont have a clue what people should be paying.
 
I looked up the propertprice register and a house sold on our road it seems for 65K more than the asking price! I'm almost certain this is an error
 
Brendan Burgess said:
From the Revenue website

Property valuation guidance will be available from 10 March 2013 and this will include an on-line guide that will provide indicative property values. Revenue will not be valuing properties for LPT purposes.

.......

You will need to consider the specifics of your own property when using Revenue’s valuation guidelines. If you follow Revenue’s valuation guidelines honestly, we will accept your property value assessment. However, if you feel that the guidance is not indicating a reasonable valuation for your property, you should make your own assessment. You are responsible for ensuring that you choose the correct value band for your property. If Revenue has reason to believe that the amount you have declared on your Return does not reflect the market value of your property, we may raise an assessment for a different amount.
Click to expand...

It may only be indicative but assuming the letters follow the same valuations then they are erring on the high side. Through inertia or fear of audit a lot of people will likely accept Revenues indicated valuation and possibly overpay. It surely wouldn't have been that difficult to at least distinguish by area or no of bedrooms but given the property price register doesn't either perhaps it's not surprising. (When using the property price register I have to supplement with a search to find the daft or myhome sales listing to make the price meaningful).
 
My gut feeling is that they would have been better not providing a guide as they will just get such criticism for when values will be out.

However, they may have done some research which shows a higher level of compliance when people get indicative values from them.

Brendan
 
Surely 200 to 250K band for a 1 bed Apt in South Great Georges St. is ridiculous. There does not seem to be a recent sale in the Block that gives me guidance. My own feeling is that it fits in the 100 to 150k bracket. Would love to get the 150k actually. I suppose if there is a penalty in 3 years time for not having it in their current estimated value I will be thrilled beyond belief to have to pay the penalty. I hope revenue are correct. If only
 
I bought a property - apartment in Dublin 6 - last year for 195K. One in the same development went recently for 215K, but it had had a big renovation job done. The calculator comes up with an estimate of 350-400K! I think the neighbours were quite cheesed off that I paid what I did, but they might now be quite pleased!
 
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