Look up LPT on a house?

BailMeOut

Is it possible to look up the LPT valuation on a house? Reason I am asking is that looking to buy a house in an estate and the seller's LPT rate is significantly lower than what house is on market for. I'd like to look up other houses in same estate to see what they are valued at for LPT. The estate is small and there are no comparisons on actual sales in the property registry database.

seamus

The actual submitted valuations aren't public (unless the vendor gives you access to the property file), but you can use the Revenue calculator to find out what Revenue currently rate it at:

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

Worth noting that the basis for the 2015 property tax is the 2013 valuation. So a property may legitimately be advertised in a lower band than its asking price as prices have risen between the two dates. However, when you go to file for LPT in 2016 you will probably have to file in a higher band and therefore pay more LPT.

somesoldiers

not sure if you can look up for individual houses without the details of the owner but I recently sold my house for 100K (2 brackets higher) more than I had valued it in 2013 due to a general increase in the area.

I had to apply to the LPT for an exemption ( or back value it and pay the difference) and they gave me this without much hassle so it must be pretty common depending on your area of course

Rew

BailMeOut wrote: »

Is it possible to look up the LPT valuation on a house? Reason I am asking is that looking to buy a house in an estate and the seller's LPT rate is significantly lower than what house is on market for. I'd like to look up other houses in same estate to see what they are valued at for LPT. The estate is small and there are no comparisons on actual sales in the property registry database.

Revenue provide have some info on their site I believe. Keep in mind that the LPT value is what was declared back in 2013. If they want to sell significantly higher they will have to either pay back tax or seek clearance from the revenue. I recently sold 2 bands higher then declared band in 2103 and had no problem getting clearance from Revenue. I was able to find houses on the PPR selling for the declared value in 2013 as proof and the 2013 value was the suggested one by revenue.

MarkAnthony

It'll have to be rebanded when sold, they'll have to pay their portion for this year and they buyer theirs at the new rate.

Rew

MarkAnthony wrote: »

It'll have to be rebanded when sold, they'll have to pay their portion for this year and they buyer theirs at the new rate.

What you have said is defiantly not what will have to happen.

Two separate things happen:

1) Seller needs to either seek clearance from revenue or back pay LPT. Clearance is not that hard to get and is likely what will happen.

2) Seller pays LPT for all of 2015 and buyer refunds seller the apportioned amount for the reminder of 2015 based on the closing date.

Revenue have a guidelines doc:

http://www.revenue.ie/en/tax/lpt/sale-transfer-property.html

somesoldiers

A bit off original question but just to note what happened to me,if the seller pays their LPT through their salary each Month and has already paid some of this for 2015, they still need to pay the entire sum due for 2015 and can claim back that portion already paid for 2015 via salary deduction in 2016 from revenue!

MarkAnthony

Rew wrote: »

What you have said is defiantly not what will have to happen.

Two separate things happen:

1) Seller needs to either seek clearance from revenue or back pay LPT. Clearance is not that hard to get and is likely what will happen.

2) Seller pays LPT for all of 2015 and buyer refunds seller the apportioned amount for the reminder of 2015 based on the closing date.

Revenue have a guidelines doc:

http://www.revenue.ie/en/tax/lpt/sale-transfer-property.html

So pretty much what I said with some added detail. Thanks for that.

The house will be revalued based on the selling price. I've just been through the process.

Rew

MarkAnthony wrote: »

So pretty much what I said with some added detail. Thanks for that.

The house will be revalued based on the selling price. I've just been through the process.

Not really, the LPT band wont change until the next declaration (Nov 2016)

The Revenue wrote:

2. PROPERTY SOLD WITHIN A VALUATION PERIOD
2.1 Continuation of valuation until following valuation date
The general valuation rule is that the chargeable value that applies in relation to a
valuation date continues to apply until the following valuation date. Thus, the chargeable
value at 1 May 2013 covers the period up to 31 October 2016. It is not affected by any
general increase or decrease in the value of properties or improvements/repairs made to a
property in that period. This rule applies even where a property is sold during a valuation
period, subject to the situations described in sections 2.2, 2.3 and 2.4 below.

If the vendor under-declared then its their liability to pay the back balance before sale and redeclare it. The sale itself doesn't effect the band until Nov 2016 and the next value declaration.

Did you buy a house that was rebanded at the time of sale or one that had been under declared and the vendor had to redclare?

MarkAnthony

Must have been an under declare as they had to change the banding.

ted1

BailMeOut wrote: »

Is it possible to look up the LPT valuation on a house? Reason I am asking is that looking to buy a house in an estate and the seller's LPT rate is significantly lower than what house is on market for. I'd like to look up other houses in same estate to see what they are valued at for LPT. The estate is small and there are no comparisons on actual sales in the property registry database.

What difference does it make ? What you buy it for is what you should declare the value for .

Rew

ted1 wrote: »

What difference does it make ? What you buy it for is what you should declare the value for .

Because it can make a mess of his purchase or he could be buying into someone else's tax liability.

ted1

Rew wrote: »

Because it can make a mess of his purchase or he could be buying into someone else's tax liability.

You can't buy into some one else's tax liability.
The solicitor will check if all is up to date.

Rew

ted1 wrote: »

You can't buy into some one else's tax liability.
The solicitor will check if all is up to date.

Solicitor should check, so if the OP wants to educate them selfs all the better. Even if the liability is attached to the person not the property it can cause grief for their sale.

ted1

Rew wrote: »

Solicitor should check, so if the OP wants to educate them selfs all the better.

I'm a firm believer of " plausible deniability "