I think that the Revenue will get to the undervaluations long before 2020. Their priority for this cycle of the LPT is to get everyone registered and paid. I presume that they will produce some sort of exception report which will throw up sales of houses more than [30%] in excess of the LPT valuation and they will write to those sellers and ask them to justify the value they used. This would not be an issue for the Law Society.What happens in Year 2020
. This would not be an issue for the Law Society.
No, but it would be a VERY big issue for purchasers. The tax runs with the property.
When you buy a property, you should fill in an LPT4 form, which gives you the opportunity to revise the valuation as of 1 May 2013.
So if you buy a property today for €500k which the seller valued at €250k six months ago, you should put in a value closer to the purchase price. In fact, it will probably not cost you anything to do this as you will be exempt for the next three years as long as it continues to be your PPR.
. Revenue would have to chase the seller.
.
I probably should have gotten something in writing.
Property valuations are ten-a-penny, especially in CAT & CGT returns, the sky doesnt fall when properties are later sold at different values.
And anyway, if the householder feels their valuation is justified, what's to stop them obtaining a retrospective valuation to either confirm or debunk their own figure?
A valuation is nothing more than an opinion on a given day. Once a valuation is informed, fair and is capable of being defended by reference to evidence (condition of property etc), there is no issue.
Yes, there is no issue where a valuation is informed, objective and based on documented evidence.
I think they are hoping to get away with it as there is an estate beside them which would carry the lower price (they are small 2/3 bed terrace as opposed to large detached 4/5 bedroom houses in a Dublin suburb)
I know of one person where everyone on the road agreed to a significantly lower price - there are about 14 houses on the road. There have been no house sales on the road for about 10 years and everyone put in for a valuation of €250-300k whereas in reality their houses would be at least double that.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?