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property tax/lpt

  • 12-03-2013 9:34pm
    #1
    Closed Accounts Posts: 2,434 ✭✭✭


    now thats its offically here,im wondering how am i going to value my farmhouse.built in the early 1900s its a 2 storey with bay windows,1 storey and half house,and a store shed all joined up together so its one big house!! it contains corn store lofts which are not being used for corn now but its still there.house solidly built and in good condition,its in the middle of farmyard surrounded by old haysheds and other modern sheds,orchards and garden.if the same house was in dublin it would be worth a fortune.heard on local radio sometime time that the value of your house can be reduced up to 50% for property tax valuations due to proximity to the farm yard and farm buildings for day to day operations on the farm,not that id be selling the farmhouse anyway but would have to value the farmhouse at 150k to 200k cos of the size of it,any thoughts?? thanks


Comments

  • Closed Accounts Posts: 7,410 ✭✭✭bbam


    How does the online estimator value it?


  • Closed Accounts Posts: 1,242 ✭✭✭iverjohnston


    Forget about added on sheds, grain lofts etc. these are Ag. buildings. The thing is, there can be many different valuations on the same building. For example, for insurance purposes, for valuation in marraige breakdown for yourself, and a very different one for your spouse, for demolition and rebuilding after a fire etc, for transfer purposes etc. How much have you it insured for?
    At the moment you can buy a house in the country for about 75% the building cost. What is the government website telling you? What is the square footage of the house? Insurance companies estimate rebuild cost somewhere about 85 Euro per sq. foot.
    Ask your local Auctioneer for his opiniion.


  • Registered Users, Registered Users 2 Posts: 42 B25


    I seem to be in the same situation as you. Our farmhouse is located bang in the middle of the farmyard. Built cira 1920. What did you finally do about valuing it for LPT?


  • Registered Users, Registered Users 2 Posts: 1,209 ✭✭✭KatyMac


    My house is same situation. I'm planning to put in in the low band zero to 100K. It's ancient and would be unsaleable in present condition/situation


  • Registered Users, Registered Users 2 Posts: 491 ✭✭LivInt20


    Very simple lads.

    Estimate a value you would receive IF you put your house on the market today.

    Use the value of similar property around your area. The Revenue online and other valuations are only a general guide and do not apply to your individual property.

    Once you come to a value keep documents or other information methods you use, and pay the tax based on this value.


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  • Registered Users, Registered Users 2 Posts: 5,218 ✭✭✭zetecescort


    How can you use the value of a similar property. No farmhouse gets sold without the land never mind having ones sold nearby to use as a guide.


  • Registered Users, Registered Users 2 Posts: 491 ✭✭LivInt20


    How can you use the value of a similar property. No farmhouse gets sold without the land never mind having ones sold nearby to use as a guide.

    Try.
    Don't give up that easy.......


  • Registered Users, Registered Users 2 Posts: 6,788 ✭✭✭brian_t


    LivInt20 wrote: »
    Very simple lads.

    Use the value of similar property around your area.
    And halve it.
    It comes after the former president of the Institute of Professional Auctioneers and Valuers (IPAV) said auctioneers would be discounting farmhouses adjacent to farmyards by at least 50pc.

    The IPAV's Tom Crosse said that farm residences that are part of farmyards would be "seriously discounted in their market value".
    "If a stand-alone house was worth €200,000 our members would be putting a valuation of €100,000 on the equivalent farmhouse and maybe less in some cases," he said.

    "We won't be allocating a high value to a residence attached to a farm, because they would be very hard to sell on their own. Many are adjacent to milking parlours, silage and slurry pits and there is also the issue of the right-of-way for access," he added.
    http://www.independent.ie/business/farming/farmhouse-values-sparks-war-of-words-28959436.html


  • Closed Accounts Posts: 1,242 ✭✭✭iverjohnston


    Also remember that there would have to be a right of way created to allow access to the farm house, and that the septic tank may not be on the same plot, seriously devaluing the house. water supply may be shared with the yard etc.


  • Registered Users, Registered Users 2 Posts: 42 B25


    My farmhouse is right in the yard at the end of a long lane. Close to milking parlor, silage pit, sharing well etc. If we sold the land in the morning we would be lucky to get 100K for the house and buildings so I might as well value it as being under 100k. As a previous person said there are many values, re-sale value, building value, insurance value so I think I will go with the re-sale value. If revenue decide to come out to re-value it at a later stage, so be it.


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  • Registered Users, Registered Users 2 Posts: 491 ✭✭LivInt20


    B25 wrote: »
    My farmhouse is right in the yard at the end of a long lane. Close to milking parlor, silage pit, sharing well etc. If we sold the land in the morning we would be lucky to get 100K for the house and buildings so I might as well value it as being under 100k. As a previous person said there are many values, re-sale value, building value, insurance value so I think I will go with the re-sale value. If revenue decide to come out to re-value it at a later stage, so be it.

    The only value for LPT purposes is Market Value.


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