Revenue's initial house valuations NCD

aniascor

Am I misreading the LPT valuation guide, or have all the detached houses in Balbriggan been valued in Band 4: 200-250,000? And at the lower end of the scale, all apartments have been valued in the 100-150,000 range. From what I can see around me, and on Daft, apartments are lucky to sell for 50-60k, and I know that an identical house to ours, about 200 yards away from us, sold for 85k last year. Not a chance I'll be accepting a 200-250k valuation.

Anyone else checked theirs? Does the valuation seem reasonable or not?

Scortho

aniascor wrote: »

Am I misreading the LPT valuation guide, or have all the detached houses in Balbriggan been valued in Band 4: 200-250,000? And at the lower end of the scale, all apartments have been valued in the 100-150,000 range. From what I can see around me, and on Daft, apartments are lucky to sell for 50-60k, and I know that an identical house to ours, about 200 yards away from us, sold for 85k last year. Not a chance I'll be accepting a 200-250k valuation.

Anyone else checked theirs? Does the valuation seem reasonable or not?

If you feel it's overvalued, value it at what you think it's worth. Just have evidence to back your valuation up. This can take the form of similar houses selling prices on the property price register, or estate agent brochures. So long as you can prove that you haven't plucked the valuation out if your ass you can value it at a lower or higher level than there's.

The Rooster

Had a look at Revenue's website re house valuations. Not very scientific in that it only differentiates by location and by type of house (e.g. Detached, SemiD, Terrace, Apartment, Bungalow) and ignores size of house and size of site.

Here's a sample for Detached houses in NCD

Balbriggan: 200-250k
Rush: 200-250k
Lusk: 250-300k
Skerries: 300-350k
Loughshinny: 300-350k
Donabate: 300-350k
Malahide: 550-600k
Howth: 600-650k

https://lpt.revenue.ie/lpt-web/valuation-guide/index.htm

martinn123

Heard the Guy from Revenue on radio this morning.

He states that the Web-site is just an indication of ''Average'' prices in the area.

He suggests we use, recent Sales, Auctioneer's Windows/Web-sites, to estimate the price of your home.

As it's a Self Assessment Tax, its up to the house-holder to value the home and pay the amount due.

For detached rural homes its really going to an educated guess,
in an estate, no doubt residents will be getting together to put a value on houses.

Anyone in DCN, getting advice from, say residents assoc, on the value where they live??

Where's Clare Daly when you need her?

sgarvan

I live in a semi detached house and had in my head that my house would be in the 150,000 - 200,000 bracket. If it was higher than that on their valuation I would challenge it. My house is in that valuation, so I dont think houses in Balbriggan are overvalued. Some may though

Scortho

sgarvan wrote: »

I live in a semi detached house and had in my head that my house would be in the 150,000 - 200,000 bracket. If it was higher than that on their valuation I would challenge it. My house is in that valuation, so I dont think houses in Balbriggan are overvalued. Some may though

Basically if you've proof that your house is overvalued you can revalue it. Likewise if its undervalued, the onus is on you as the owner to correct that value. It is in the interest of the owner to correct that value, as audits will be done and if they find any discrepancies they will screw that owner, like they do at the moment if you under declare your tax liability.

You mightn't get caught for five years, but the interest charges and fines that revenue slap on don't make it worthwhile. Just look at the tax defaulters list and you'll see that a lot of the time the interest and fines are more than what the original tax liability was.

Dizzyblonde

Threads merged

mactheknife19

If your house is shared on one side from floor to roof, and on the other side you have a converted garage that also has a shared wall ( so in that case only one storey) therefore no side entrance, is that a semi-d or a terraced.

sgarvan

mactheknife19 wrote: »

If your house is shared on one side from floor to roof, and on the other side you have a converted garage that also has a shared wall ( so in that case only one storey) therefore no side entrance, is that a semi-d or a terraced.

What did you purchase it as?

Sounds like a Semi Detached to me

mactheknife19

sgarvan wrote: »

What did you purchase it as?

Sounds like a Semi Detached to me

didnt really think about that when I bought. Here is a similar house that was on myhome. The ad says SD, but by definition should a SD have side access front to back
http://www.myhome.ie/residential/brochure/38-sonesta-malahide-co-dublin/2162863

SeaSide

Standard operating procedure for Revenue is to give you an outrageous valuation so that you are then forced to do the work for them and come up with a valuation

tatli_lokma

mactheknife19 wrote: »

didnt really think about that when I bought. Here is a similar house that was on myhome. The ad says SD, but by definition should a SD have side access front to back
http://www.myhome.ie/residential/brochure/38-sonesta-malahide-co-dublin/2162863

No I would say SD means not attached to another residence on both sides - i.e not terraced on both sides. Side access would not dictate SD or not IMO. What constitues SD in my mind is one shared wall with a neighbour and one side of the house unattached to others. Dunno what others think, but that would by my take. The fact the garage is converted is a choice, so I don't think the garage communal wall changes things.

tatli_lokma

I would also say that the valuations are a bit on the high side - a quick search of daft and the PPI tell you that. Also take into account how long some of the properties have been on the market in the price range Revenue give - if something has been for sale for 12 mths at €150k, then reason tells you it is not worth €150k, and probably more in the region of €120-130k.

Anyone I do know buying at the moment (a few workmates are taking the plunge) seem to be of the opinion that a standard 10-15% knocked off the asking price is the norm. In many cases more than that, but no one is expecting to pay the asking price at the moment.

martinn123

Little Ted wrote: »

I would also say that the valuations are a bit on the high side - a quick search of daft and the PPI tell you that. Also take into account how long some of the properties have been on the market in the price range Revenue give - if something has been for sale for 12 mths at €150k, then reason tells you it is not worth €150k, and probably more in the region of €120-130k.

Anyone I do know buying at the moment (a few workmates are taking the plunge) seem to be of the opinion that a standard 10-15% knocked off the asking price is the norm. In many cases more than that, but no one is expecting to pay the asking price at the moment.

Yes so thats why the bands are at 50K, so your example above fits into the 100-150K band
Same tax take

tatli_lokma

martinn123 wrote: »

Yes so thats why the bands are at 50K, so your example above fits into the 100-150K band
Same tax take

yes on if it still fits in the band, but many won't. I know my neighbour has their house on sale at €165k. If they get €100k they will be lucky, given that someone else has their propery on for €125k and has had it for sale for over a year. That is two price bands difference between 'asking' price and actual value.

RobFowl

Going to set myself up here but I think the valuation are ok. Mine is valued about right.

sgarvan

RobFowl wrote: »

Going to set myself up here but I think the valuation are ok. Mine is valued about right.

Not really setting yourself up for anything. I already said I think the valuation is correct, for now.

Daft have done a calculator that takes into account number of bedrooms and bathrooms.

http://www.daft.ie/property-tax/

Wishbone Ash

Revenue appear to have grossly undervalued my house as in the 150-200k bracket.

I just used Daft.ie and they value it at €280k which seems more like it. I would have thought about €300k myself.

(PS - when Daft ask how many 'bathrooms' do they mean actual rooms with a bath or is an en suite with a toilet and shower considered to be a bathroom?)

sgarvan

Wishbone Ash wrote: »

Revenue appear to have grossly undervalued (PS - when Daft ask how many 'bathrooms' do they mean actual rooms with a bath or is an en suite with a toilet and shower considered to be a bathroom?)

Was wondering about that myself. I tweeted daft to ask but got no reply.

My house has 1 bathroom, 1 ensuite and 1 toilet downstairs. If I put in 1 bath in the daft calculator I am in the 100k-150k bracket. If I put in 3 baths I am in the 150k-200k bracket.

Was listening to Joe Duffy yesterday (I know!) and someone was saying on it that he can envisage people paying more property tax than their neighbour so that they can say their house is worth more.

tatli_lokma

sgarvan wrote: »

Was listening to Joe Duffy yesterday (I know!) and someone was saying on it that he can envisage people paying more property tax than their neighbour so that they can say their house is worth more.

Well other than having the celtic tiger-esque conversations in the pub about how much your place is worth, I can't see what the point of that is? Your house is 'worth' what others are prepared to pay for it. Paying more tax in order to prove the worth of your house is just plain stupid. No buyer is going to say 'oh you paid in the higher tax bracket, oh ok so, your house MUST be worth more than your man next door who is selling his for €50k less'. Give me a break, and give yourself a break and switch the radio channel!

sgarvan

Little Ted wrote: »

Well other than having the celtic tiger-esque conversations in the pub about how much your place is worth, I can't see what the point of that is? Your house is 'worth' what others are prepared to pay for it. Paying more tax in order to prove the worth of your house is just plain stupid. No buyer is going to say 'oh you paid in the higher tax bracket, oh ok so, your house MUST be worth more than your man next door who is selling his for €50k less'. Give me a break, and give yourself a break and switch the radio channel!

100% agree that if someone does that they are the fool!!

Just said I would throw it out there. Only put on Joe to see what people were saying out about the LPT

tatli_lokma

sgarvan wrote: »

Only put on Joe to see what people were saying out about the LPT

yeah yeah, we believe you!

Wishbone Ash

sgarvan wrote: »

Was wondering about that myself. I tweeted daft to ask but got no reply.

My house has 1 bathroom, 1 ensuite and 1 toilet downstairs. If I put in 1 bath in the daft calculator I am in the 100k-150k bracket. If I put in 3 baths I am in the 150k-200k bracket..

I have a main bathroom, 2 en suites and a downstairs toilet.

If I put in one bathroom it's valued at €290k, but if I put in 4 bathrooms it goes up to €365k.

EDIT: Just realised this thread is about Balbriggan - I'm not in Balbriggan.

SeaSide

We had a valuer out to get the costs of rebuilding for insurance. he was not willing to offer a valuation for property tax due to pyrite in the estate. as far as he was aware no pyrite affected house had been sold.

Dizzyblonde

Wishbone Ash wrote: »

EDIT: Just realised this thread is about Balbriggan - I'm not in Balbriggan.

Two threads have been merged, so it's about DCN in general.