FAQ What happens if I undervalue my house for LPT?

NoRegretsCoyote

Registered User
Messages
4,064
Also recall that transactions in the market were really thin around 2013.

In the three preceding years there were only 16k market transactions of existing dwellings per year. It's gone up hugely since. Between 2018 and 2020 there were 42k market transactions of existing dwellings per year. That's about one in fifty dwellings being sold on the market every year.

People are much more likely to have a nearby, recent sale to benchmark against. The Revenue model is much less relevant now.
 

GAAmam

Registered User
Messages
8
HI,
Lots of great info here - thanks.
I have a rental property in Dublin City Council area. Revenue have moved me up a few bands so I do end up with the same LPT due when the 15% discount is applied. Anyone know will this discount only apply to year 1 i.e. 2022?
The sceptic in me thinks that revenue want me to agree to the assessment and that I will pay the same in 2022 as I did in 2021 and previous years but in 2023 I will not have the discount applied.
I do understand that its up to me to assess properly regardless of discounts etc but I would like to know how long this discount will last.
Thanks in advance
 

odyssey06

Registered User
Messages
3,808
HI,
Lots of great info here - thanks.
I have a rental property in Dublin City Council area. Revenue have moved me up a few bands so I do end up with the same LPT due when the 15% discount is applied. Anyone know will this discount only apply to year 1 i.e. 2022?
The sceptic in me thinks that revenue want me to agree to the assessment and that I will pay the same in 2022 as I did in 2021 and previous years but in 2023 I will not have the discount applied.
I do understand that its up to me to assess properly regardless of discounts etc but I would like to know how long this discount will last.
Thanks in advance
It's not possible to say how long the discount will last for. It is voted for annually by councillors in Dublin City Council I think.
The range of permitted variation plus or minus 15% is set by central government - but each council had to decide whether to vary.
 

NoRegretsCoyote

Registered User
Messages
4,064
Revenue have moved me up a few bands s
What is a "few"?

For a DCC house 1 band plausible, two bands possible.

Three bands unlikely unless you've renovated substantially or extended (Revenue won't know this).

Just put it in the band you think it would sell at today. For my house in DCC I went up one band.
 

noproblem

Registered User
Messages
3,081
I do have a bit of sympathy for city dwellers, especially in Dublin. Big difference in having a nice house in Dublin and one in the rural West, especially when people are earning the same salary/wage.
 

SoylentGreen

Registered User
Messages
444
Where I live there has only been one house sale in the last 15 years, (recently sold). Should I take this as the current price of houses on the road where I live? This is what the revenue site says....

"Information on property sales is only applied in the calculation for a Small Area if there were more than five properties sold in that Small Area between 2018 and 2020.

The calculation method used in the valuation tool can mean that the average valuation band displayed for your area has been affected by specific or local factors. For example:

  • there may be a mix of property types in the area, ranging from apartments to large houses
  • there may have been a number of properties sold in your area between 2018 and 2020 that are unlike most other properties in the area, in size or type, such as a small new estate
  • there may have been variations within the area in the valuations as at 1 May 2013, that were submitted to Revenue.
The valuation band that is displayed on the valuation map for each Small Area is based on either:

  • the average valuation band for the Small Area"
 

TarfHead

Registered User
Messages
1,672
I'm likely overthinking this, but ..

I have used the interactive map tool and have identified the band (7) and amount (675). I live in Fingal who have declared a 10% reduction on the base rate.

Does the 675 reflect that reduction, or is the reduction to be taken off the 675 ?

Thank you
 

Leo

Moderator
Messages
13,897
I'm likely overthinking this, but ..

I have used the interactive map tool and have identified the band (7) and amount (675). I live in Fingal who have declared a 10% reduction on the base rate.

Does the 675 reflect that reduction, or is the reduction to be taken off the 675 ?

Thank you
€675 is the nominal rate charged where the local authority has chosen not to implement an increase or decrease.
 
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