Market Valuation - CAT

stan_boy2

In the process of inheriting a share in a house. In relation to CAT which seems to be calculated on market value. Who determines the market value? Is it revenue, is it an estate agent, who is it? Surely its somewhat subjective?

thejourney

stan_boy2 wrote: »

In the process of inheriting a share in a house. In relation to CAT which seems to be calculated on market value. Who determines the market value? Is it revenue, is it an estate agent, who is it? Surely its somewhat subjective?

The Price per SM is the value.

Its 1300PSM to build so you should price house at 900-100 PSM

100 sQm is 100,000 euros to buy

Its all makes no sense. Legally you can sell house for 1 euros even if its worth more. I could sell a company for 1 euro. I could take a salary for 1 euro


The market determines the value. How much the market is willing to pay in that area for that house.

The property tax is just a way for government to have a reference point on how much you value the house , and use it against you for CAT when its sold.


When the banks want to sell for 60% under the valuation. Revenue don't care

When bill wants to sell for 60% under the valuation . Revenue care!!

Bull****

Victor

thejourney wrote: »

The Price per SM is the value.

Its 1300PSM to build so you should price house at 900-100 PSM

100 sQm is 100,000 euros to buy

Its all makes no sense. Legally you can sell house for 1 euros even if its worth more. I could sell a company for 1 euro. I could take a salary for 1 euro

Wrong. You are thinking construction price, which can often have little relation to market price. Fox example, your calculation doesn't include the value of the site. Note however, than in an unwanted location, market value can be less than construction cost.

The market price is the price that someone is willing to pay for the property on the open market. Consider getting a formal valuation from an estate agent(s).

For insurance purposes, you use the reconstruction cost.

dogsears

stan_boy2 wrote: »

In the process of inheriting a share in a house. In relation to CAT which seems to be calculated on market value. Who determines the market value? Is it revenue, is it an estate agent, who is it? Surely its somewhat subjective?

Market value is normally provided by an estate agent rather than the Revenue but will usually be respected by the Revenue and won't be challenged.

However if the value looks wrong to them they can challenge it and they have their own valuation specialists for this. Then it comes down to a negotiation/dispute. They look at things like recent sales of similar properties in the same locality etc.

CIARAN_BOYLE

stan_boy2 wrote: »

In the process of inheriting a share in a house. In relation to CAT which seems to be calculated on market value. Who determines the market value? Is it revenue, is it an estate agent, who is it? Surely its somewhat subjective?

Cat is a self assessment tax.

You put down what you think the value is and revenue impose interest and penalties if they think you are wrong.

thejourney

CIARAN_BOYLE wrote: »

Cat is a self assessment tax.

You put down what you think the value is and revenue impose interest and penalties if they think you are wrong.

What a shower of C's ?

Socialism at its best