Proof of house value for Revenue?

Lantus

If you put down a different value for your house (less than the guide valuation.) then do you need to supply revenue with the evidence to support it or just know where to access it in case they ask? The documentation doesn't seem to suggest that you need to send anything back. Its more a case of revenue may challenge or ask you to justify a self valuation?

Does anyone have anything to support this assumption.

Senna

You don't have to supply any evidence, they will compare your valuation to similar houses and if you do sell your house for more than you valued it for, you will be liable.
Is this something you are planning?

StillWaters

No back up needed at the initial self assessment stage. However, it is very important to do the research and have back up evidence filed in case you are asked.

gurramok

Consult the Property Price Register for your street\estate for houses identical to yours, thats the closest evidence you have to challenge any valuation.

Ogham

Senna wrote: »

You don't have to supply any evidence, they will compare your valuation to similar houses and if you do sell your house for more than you valued it for, you will be liable.

That is not correct. If house prices rise over the coming months/years they will not be looking for anymore Property Tax. If you improve teh house and sell it - they will not be looking for more tax.

Maybe (only maybe) if you declared Band 1 and sold it for 400k in a year - they might come looking to see what happened. If they have the staff and the time.

Lantus

Thanks for replies. Our estates are listed band 2 but no house in the last 2 years has sold for more than 100k. The register has a few properties listed for mid 80's last year and these were for the larger type houses in the estate. Local EA has a new property listed this week for similar price and neighbouring estate with larger houses are only 10k more on average at 95k ea on register.

I feel we have more than good enough data to back up a move into band 1.

Senna

Ogham wrote: »

That is not correct. If house prices rise over the coming months/years they will not be looking for anymore Property Tax. If you improve teh house and sell it - they will not be looking for more tax.

Maybe (only maybe) if you declared Band 1 and sold it for 400k in a year - they might come looking to see what happened. If they have the staff and the time.

This is Revenue, not the local council. Staff and time wont be an issue to the Revenue department, the only department that is actually effective in its job.

Ogham

Senna wrote: »

This is Revenue, not the local council. Staff and time wont be an issue to the Revenue department, the only department that is actually effective in its job.

They have outsourced the call centre work to a private company because they haven't enough staff.

Victor

Ogham wrote: »

They have outsourced the call centre work to a private company because they haven't enough staff.

Revenue often out-source basic admin functions. that way, core staff can concentrate on core functions.