They have computers though, pretty good ones and pretty big ones. So it wouldn't be hard at all for them to identify those estimates that are out of line with their own guidelines, and initiate a query process with those taxpayers.Revenue don't have the staff to go through literally millions of subjective estimates and query them.
They will claw it back if you eventually sell it for considerably more than what you valued it at.
I found the Revenue Technical paper from 2013 that compared the model with reality, got to Figure 4. It showed that the model correctly estimated the band only 50% of the time (that's quite good by the way!).So it wouldn't be hard at all for them to identify those estimates that are out of line with their own guidelines, and initiate a query process with those taxpayers.
Where can I see the map that Revenue has showing property taxes?
And when is it that property taxes are to be reviewed? Is it next year?
Thanks
I suspect many people do that. It wouldn't surprise me if Revenue take that into account and produce estimated values that err on the high side. I highly doubt you'll have any problem.I have submitted a band below what revenue suggested
I put my Eircode into revenues map, it pinpointed my house, and gave me the band that I and the property price register think is right. The letter I got from revenue has my house 1 band above what the map says.Are the letter valuations more granular, differing from the map?
A bit of a wild guess, perhaps? I'm not sure I'd want to base my future tax compliance on a guess like that.I found the Revenue Technical paper from 2013 that compared the model with reality, got to Figure 4. It showed that the model correctly estimated the band only 50% of the time (that's quite good by the way!).
2% of dwellings were either three bands too high or two low. That's 40,000 dwellings!
My guess would be that Revenue's threshold for querying will be something like 3 bands or more below model estimate.
For most people this would be either deliberate or extreme ignorance. I'd be surprised if anyone giving a good-faith educated guess will be queried.
I'm presuming they could do their usual 'interest and penalties' as they do with any unpaid tax, if they really wanted to. I doubt if they would want to do that in any widespread way, but it could possibly be extra euros coming out of your pocket at a later date.If you've something to hide then obviously you don't want to draw attention to yourself.
Am I right in thinking, if you have a reasonable case, there's little to loose. They might challenge your estimate. They might not. Worst that happens is they clawback the difference at a later date? An extra euro in my pocket now versus the potential clawback of same euro at a later date?
The Revenue person on Morning Ireland was making the point that it's not an exact valuation that they're looking for - just to set out which band you are in, and the bands are fairly broad.the only person really qualified to value your property is a property Valuer
Anything else is an educated guess.
Even two identical houses from the outside can have very different valuations depending on the state of the house on the inside.
I used the map supplied by Revenue. Is it lower than what I could get for the house. Maybe, who knows until you actually sell it.
Everybody thought in 2008 that their homes were worth 40% more than what they were worth just over a year later.
I'm presuming they could do their usual 'interest and penalties' as they do with any unpaid tax, if they really wanted to. I doubt if they would want to do that in any widespread way, but it could possibly be extra euros coming out of your pocket at a later date.
100%.I’m struggling to understand why they produce all this guff rather than simply and clearly asking people to apply market value and using their computer systems to identify anomalies for investigation.
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