Revenue property valuations

D3PO

Interested in knowing how good or bad a job revenue have made of this. Anecdotally most people seem to feel they have overvalued but I think by polling the results we can get a better handle

cookie1977

House seems correctly valued (D6W)
Apt is way over valued (D8)

Both located in Dublin

Hijpo

cookie1977 wrote: »

House seems correctly valued (D6W)
Apt is way over valued (D8)

Both located in Dublin

Ours is undervalued, partners parents small 3 bed bungalow is way overvalued.

How Strange

Apt D10 overvalued by 33-50%

crusher000

What ever about revenues valuation there is a 150,000 euro difference where I live between two similiar houses 4 bedroom detached with 3 bathrooms on Daft.ie. Which one will I pick to self value my house ?

D3PO

crusher000 wrote: »

What ever about revenues valuation there is a 150,000 euro difference where I live between two similiar houses 4 bedroom detached with 3 bathrooms on Daft.ie. Which one will I pick to self value my house ?

assume your taking realised sales vaues and not asking prices as asking priced mean nothing. My view the higher value must be used.

crusher000

Just checked valuation on revenue.ie I'll be going with that one .

D3PO

crusher000 wrote: »

Just checked valuation on revenue.ie I'll be going with that one .

remember if revenue have undervalued you are on the hook its not an excuse to argue. Their website is only a guide you are responsible for applying the correct value.

Zulu

Overvalued my apartment in D3. I'll be going with a lower band.

The_Morrigan

I think they have overvalued my apartment. There have been no sales in the complex since 2010 and the valuations they have given are in the same region as the sale prices they had back then. The estates in the surrounding areas are all houses, no apartments, so I don't think they are comparable.

I'm considering paying for a valuation for my own piece of mind

crusher000

The_Morrigan wrote: »

I think they have overvalued my apartment. There have been no sales in the complex since 2010 and the valuations they have given are in the same region as the sale prices they had back then. The estates in the surrounding areas are all houses, no apartments, so I don't think they are comparable.

I'm considering paying for a valuation for my own piece of mind

That'll cost you from 150 to 200 euro which is probably around the same or more than the difference in the over valuation

crusher000

D3PO wrote: »

remember if revenue have undervalued you are on the hook its not an excuse to argue. Their website is only a guide you are responsible for applying the correct value.

Revenue are never wrong, never.

D3PO

interesting early poll results a good mix of under and overvaluing it would seem. perhaps the cynic in me expecting widespread overvaluing being th eorder of the day was a little off the mark

Ritchi

Mine is spot on, but seeing as I just bought, my sale price probably influenced it. The problem is that it doesn't really differentiate between house size, just house type. This may be more apparent in apartments, you could have 1, 2 or 3 bed, but they are all in the same price bracket. I've been looking about a bit and most apartments seem to be overvalued in my opinion, but this could be because there are actually more 3 beds than I think there are, which would drive up the valuations.

The_Morrigan

crusher000 wrote: »

That'll cost you from 150 to 200 euro which is probably around the same or more than the difference in the over valuation

Possibly, but if there is a dispute on my self assessment, then at least I have that as a source of evidence of my figures.

Personally I think the historic sales figures are too old and there are no apartments up for sale at the moment to even gauge an estimate, so not entirely sure what else I can do. They have my property at the 150-200k mark now and the sales back in 2010 were around 160- 190k for the apts in the complex.

markpb

My apartment in D17 is valued at 150-200k. The last two sales in my estate were in 2011 and for 114k and 120k. Clearly I'll be ignoring their suggested value and picking my own - the question is, is it plausible that they've fallen by 15k - 20k in 2 years?

Oddly enough apartments in Northwood (which is across the N1 from us) and Beaumont (which is directly south of us) are both rated a band lower. That's not what I expected at all.

Chris_5339762

Mine is correct (!) Apt in D16.

The_Morrigan

Shock Horror - the revenue has been criticised for their calculations on the property tax and daft.ie have done an alternative guide.

http://www.daft.ie/property-tax/?utm_source=daft.ie&utm_medium=strap_line&utm_campaign=strap_55_

Inputting my details on daft.ie I come into the band below what the revenue have suggested.

D3PO

The_Morrigan wrote: »

Shock Horror - the revenue has been criticised for their calculations on the property tax and daft.ie have done an alternative guide.

http://www.daft.ie/property-tax/?utm_source=daft.ie&utm_medium=strap_line&utm_campaign=strap_55_

Inputting my details on daft.ie I come into the band below what the revenue have suggested.

In fairness according to this poll 40% are correct. Thats more than I expected it to be given the haphazard approach they have taken to be honest.

D3PO

The_Morrigan wrote: »

Shock Horror - the revenue has been criticised for their calculations on the property tax and daft.ie have done an alternative guide.

http://www.daft.ie/property-tax/?utm_source=daft.ie&utm_medium=strap_line&utm_campaign=strap_55_

Inputting my details on daft.ie I come into the band below what the revenue have suggested.

Using the daft link it puts me in the band I believe I should be in anyway which is one band below revenue has suggested aswell.

I actually have a slightly higher self evaluation of my property than daft estimate at but it is in the same band they suggest.

Ritchi

Daft is putting me at 55k more than I actually paid for it three months ago, revenue had it in the right band.

Hijpo

With the bands being so large you are bound to be in the right one. What happens when the council take over the tax and have a more detailed map of what houses are where?

D3PO

Ritchi wrote: »

Daft is putting me at 55k more than I actually paid for it three months ago, revenue had it in the right band.

be hard for revenue to argue with your valuation, given how recently you purchased and their own evaluation.

Im sure Dafts tool will have plenty of annomolies too but Id say its probably got a better than 40% correct rate like the revenue tool.

Zulu

Daft are valuing my property at €145K, which is what the revenue site had me at.
The property price register list sales in my block since October last year averaging €90K.

cookie1977

Daft's tool for me is matching with my own estimates using the property price register almost exactly. House is the same as revenue estimate on both property price register and daft tool. And my apt should be 2 bands lower then revenue's guide based on both the property price register and Daft tool.

D3PO

Zulu wrote: »

Daft are valuing my property at €145K, which is what the revenue site had me at.
The property price register list sales in my block since October last year averaging €90K.

I would steer well clear of using an average sale price. Revenue site wouldnt give you a specific value just a band so 100 - 150k

If your saying the average sale achieved was 90k then its fair to assume sales went for over 100k aswell ?

In my eyes then the 100 - 150k band is correct for you, unless you consider your property to be run down in need of repair / significant interior work being done to it.

At the end of the day its self evaluated but I think people should think twice before convincing themselves a lower evaluation is perfectly legitimate.

John Mason

It think mine is right but it very hard to distinish between the colours for €0 - €100,000 and €100,001 - €150,000.

I am going with the lower valuation. A house on my road sold in the last Allsop sale for €69k and there have been a few sales in and around the €75k mark over the last few months.

Daft has valued the price at €125,080 which is way off.

monkeysnapper

my valuation is 135k so im in the 100-150 . but if i was to put my house up for sale tomorrow at that price it wouldnt sell, im tempted to stick it in the 0-99k but i live around alot of people who wont put theres in that band so ill be skrewed. so i may as well bite the bullet and pay in the 100-150 band.

D3PO

John Mason wrote: »

It think mine is right but it very hard to distinish between the colours for €0 - €100,000 and €100,001 - €150,000.

I am going with the lower valuation. A house on my road sold in the last Allsop sale for €69k and there have been a few sales in and around the €75k mark over the last few months.

Daft has valued the price at €125,080 which is way off.

To be honest I dont think you can realistically use an Allsop sale price at all in your valudations. Properties being sold at a distressed property acution will never realise their actual value so thats not relevent.

Fair enough recent sales were going for 75k.

Ogham

D3PO wrote: »

In fairness according to this poll 40% are correct. Thats more than I expected it to be given the haphazard approach they have taken to be honest.

Revenue themselves have estimated that only 47% should be in the correct band
according to this . http://www.moneyguideireland.com/analysis-of-online-revenue-valuation-tool.html

Bullseye1

The_Morrigan wrote: »

Shock Horror - the revenue has been criticised for their calculations on the property tax and daft.ie have done an alternative guide.

http://www.daft.ie/property-tax/?utm_source=daft.ie&utm_medium=strap_line&utm_campaign=strap_55_

Inputting my details on daft.ie I come into the band below what the revenue have suggested.

That is a proper system.

orlaanne

Daft have valued my house at over 50k what I paid for it!

D3PO

Very strange. Just opened my letter from revenue re property tax. Letter has valued my property in band 4 (Which would be my assesment of it) yet their website has be valued in Band 05.

Seems myself , revenue & dafts tool all value my peoperty in the same band with only the revenues own website showing what Id consider an incorrect valuation.

Ogham

D3PO wrote: »

Very strange. Just opened my letter from revenue re property tax. Letter has valued my property in band 4 (Which would be my assesment of it) yet their website has be valued in Band 05.

Seems myself , revenue & dafts tool all value my peoperty in the same band with only the revenues own website showing what Id consider an incorrect valuation.

The revenue website is more specific - it lets you choose the type of property you own and shows you the average price for that type of property in your locality.
The Revenue don't know what type of property you live in - so the estimate on the letter will be based on average values for all the houses in the area .
Fully explained here http://www.moneyguideireland.com/property-tax-letter-estimates-differ-from-valuation-guide.html

PS The Revenue have not actually valued your house - that's for you to do.

D3PO

Ogham wrote: »

The revenue website is more specific - it lets you choose the type of property you own and shows you the average price for that type of property in your locality.
The Revenue don't know what type of property you live in - so the estimate on the letter will be based on average values for all the houses in the area .
Fully explained here http://www.moneyguideireland.com/property-tax-letter-estimates-differ-from-valuation-guide.html

PS The Revenue have not actually valued your house - that's for you to do.

Im well aware they havent valued my house. Id also argue that their website is not specific at all, it doesnt even break down to number of bedrooms which makes as unspecific as their letter.

I understand why the letter and website might be different. Its still strange though.

blueturnip

D3PO wrote: »

Very strange. Just opened my letter from revenue re property tax. Letter has valued my property in band 4 (Which would be my assesment of it) yet their website has be valued in Band 05.

Seems myself , revenue & dafts tool all value my peoperty in the same band with only the revenues own website showing what Id consider an incorrect valuation.

I've gotten my letter today also. They have put my house in band 4.
The website has it in band 3.

We only bought last July and we would definitely be in band 3. That's what I'll be going with.

CuppaCocoa

Quick question. We have a 3 bed terraced house. We made 2 bedrooms into 1 larger one. Is it effectively a 2 bed house now or would it still be classified as a 3 bed? Also, we have a small toilet added on. Does this make it a 2 bathroomed house?

Bigcheeze

So it's clear that Revenue are issuing letters with differing valuation from the LPT website. So what is the point of the website ?

Also the poll on the thread is now pretty irrelevant because the valuation on the website is not the valuation they are actually using.

Ogham

They are not valuing your house .

Bigcheeze

Ogham wrote: »

They are not valuing your house .

It's valuation guidance that people will rely on and feel intimidated to go below. Stop being so bloody pedantic.

They're not doing it for fun

Bullseye1

D3PO wrote: »

assume your taking realised sales vaues and not asking prices as asking priced mean nothing. My view the higher value must be used.

How so? What if the lower value is the more recently sold dwelling?

Bullseye1

Revenue on the map have me in a band below the daft.ie band. According to daft I am €5,000 over the limit of the band revenue have me in. I'll do some more research on sales of simliar houses sold in my area and include them with my return.

Bullseye1

orlaanne wrote: »

Daft have valued my house at over 50k what I paid for it!

Did you buy it recently? If so you should only pay what you bought the property for. There should be a record of the sales price on the Irish Property Registrar.

D3PO

Bullseye1 wrote: »

How so? What if the lower value is the more recently sold dwelling?

Thats just my opinion ultimatly value your place however you like, but if people decide to go on the conservative side of things and get hit for interest and penalties then they can have no complaints.

Bigcheeze

Bullseye1 wrote: »

Revenue on the map have me in a band below the daft.ie band. According to daft I am €5,000 over the limit of the band revenue have me in. I'll do some more research on sales of simliar houses sold in my area and include them with my return.

Have you actually got the letter yet ? The letters are guiding different bands than the map.

Wise Old Elf

Revenue estimated house value at 250k - 300k.
Last two comparable houses sold for €212k and €191k, so unsure which to choose. My house is in need of a small bit of work, so tempted to go for lower band, but thinking about it before I commit.

D3PO

Disco Stuart wrote: »

Revenue estimated house value at 250k - 300k.
Last two comparable houses sold for €212k and €191k, so unsure which to choose. My house is in need of a small bit of work, so tempted to go for lower band, but thinking about it before I commit.

if you go down 2 bands you can be sure Revenue will come knocking at some stage. 1 band lower is one thing, trying to argue given what you have said that you are two bands lower is unlikely to fly.

Bullseye1

D3PO wrote: »

if you go down 2 bands you can be sure Revenue will come knocking at some stage. 1 band lower is one thing, trying to argue given what you have said that you are two bands lower is unlikely to fly.

If its the market value how can they argue. The OP only needs to supply those figures with his return. Even if he does use the higher value of the two houses provided he would well be in his right to do so. You seem to want everyone to overvalue the actual market value

Bullseye1

Bigcheeze wrote: »

Have you actually got the letter yet ? The letters are guiding different bands than the map.

Haven't received it yet. Just the map valuation on the site and daft. I've also been researching on the property register and I'd be inclinded to value the house at the highest point of the lower band. I'll do some more research to have as much info with my return. That €90 a year difference can go towards the water charge.:D

D3PO

Bullseye1 wrote: »

If its the market value how can they argue. The OP only needs to supply those figures with his return. Even if he does use the higher value of the two houses provided he would well be in his right to do so. You seem to want everyone to overvalue the actual market value

I dont care what people value at. I just want people to be aware that flimsy reasons to go with a lower value will be caught eventually and I will have no sympathy for anybody hit hard with penalties for doing so.

last two houses sold 191 and 212k for the sake of a few euros I think its idiotic to try argue your house is worth 150-200k in that scenario. If you do and reveue accept it so be it. If you do and they dont and you get hit we penalties I have no sympathy for you thats all Im saying.

Bullseye1

D3PO wrote: »

Thats just my opinion ultimatly value your place however you like, but if people decide to go on the conservative side of things and get hit for interest and penalties then they can have no complaints.

They have been asked to value at the price they would expect to be make as of 1st May of this year. If that is the lower value now I see no problem. If in three or four years time when a new valuation is required they find that market values have increased they can then value accordingly. I see no reason to overvalue.