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LPT and property price register

  • 16-10-2021 10:11pm
    #1
    scrips
    Registered Users, Registered Users 2 Posts: 77 ✭✭


    Is the Property Price Register a realistic guide to the value of your property at all? For the village I live in and its hinterland, only one property has sold for over €200,000 in the past five years, according to the PPR. This area has also been assigned the lowest LPT band by Revenue. Looking at prices for nearby areas they are pretty similar but with a few higher prices listed, some of which may have been B&Bs. Most of the addresses are just given as townlands so the actual property cannot be identified. These few details are not sufficient to know if these houses are in any way equivalent to mine. I would like to think my property is worth a bit more than 200,000 (and therefore is in the next LPT bracket) but there is f all evidence to suggest it is. There has to be a more specific way of calculating the worth of a property, surely, without paying for some kind of valuation service (or selling your house)?



Comments

  • #2
    Sesame
    Registered Users, Registered Users 2 Posts: 512 ✭✭✭Sesame


    "I would like to think my property is worth a bit more than 200,000 (and therefore is in the next LPT bracket)"


    You want to pay more tax? Seriously, that's all the LPT band is used for. There no point to pushing your property into a higher band. It isn't used for valuing your property for sale purposes.

    Go with the estimate given unless you really want to pay more.

    The most accurate valuation is to put your house on the market and see what the bids are. You can pay an estate agent to value it but in your case, I'd go with the revenues estimate which doesn't sound that unrealistic.



  • #3
    scrips
    Registered Users, Registered Users 2 Posts: 77 ✭✭scrips


    Obviously I have no wish to pay more tax, but there's another LPT thread under 'Accommodation and Property' and it's repeatedly stated there that if you don't believe the valuation Revenue gave you is correct, you would be wrong to accept it (and could be penalised down the line). In any case I have not received any letter from Revenue to date, and all I have to guide me is their map tool giving small area valuations, which are apparently an 'average' and therefore not to be used as an actual valuation. I am not going to pay extra to get an estate agent to value it, that would just be a further charge that I could not afford.



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