All Homes to be re-valued for Property Tax in November 2021

I think they are taking the piss with proposed valuations. A house 2 doors down from my Dads house went for 120,000 under the proposed band they put my Dads house in.

As far as I can tell, the Revenue are not setting any valuation bands. They are simply publishing the guidance being provided by individual local authorities, which same councillors have annually reviewed LPT and raised or lowered it in their counties according to their electoral needs. So as I've pointed out, there can be significant differences between the default valuation between adjacent counties.

Have a look at Cork or Wicklow on https://lpt.revenue.ie/lpt-web/valuation-guide/index.htm

You can practically pick out the county boundaries by looking at the variation in colour between their expectations and those of neighbouring CoCos.

I will, yes

Correct. They didnt set any bands. They put properties into proposed/guideline bands.

I just popped on to the site having gotten a message from my brother laughing about them bumping up a property he owns - and is selling - to the next band.

I check mine and they had bumped it up by 2 bands. Cork City Council are having a laugh if they think properties in my area are worth what they claim.

Anyway, I checked the property price register and all the houses sold recently in my immediate area are in line with my original valuation, and thanks to the re-jigging of the bands my property tax is around €150 less than last year. So I paid it straight away.

It's actually a lovely feeling knowing I won't be trying to find a few hundred quid in the New Year to pay the LPT.

Just click on the area, and the exact band will pop up

Accepting the proposed valuation gives you no protection if it is below market value and you are asked to justify it!

“The Revenue Commissioners has said it will not challenge people valuing properties lower than its own guidance in an online valuation tool to be used for calculating local property tax.”

If the market value of your property is lower than the valuation, then rightly the homeowner will use the lower market value.

That doesnt prove me wrong though

Revenue puts you in a suggested band.

Its possible to just go in and value your property in the same band without any research. Or you can ignore the deadlines and then let revenue start deducting from your salary based on their suggested band. Both of those actions are an effective "acceptance" of the revenues suggested band it placed you in.

I know of a house purchased in June 2021 for 495k that is in the 600k+ Band on the revenue's map.The house needs upgrading but still the 440 - 525 band would be the correct one.

Dun Laoghaire Rathdown assessment of my property puts me on band 17. Why I put in my Eircode on the revenue website I am on band 12. The revenue website also says that they take 5 property sales in the area to base their calculations. This is a problem for me as there has only been one sale in 20 years. The fact that someone paid over the odds for this house should not mean that everyone has to base their valuations on this one sale...

"The average valuation bands for each area have been calculated based on:

• property valuations as at 1 May 2013 that were submitted to Revenue for the first valuation period
• information produced by the CSO on property price trends between 2013 and 2020
• and
• information on property sales between 2018 and 2020 from Revenue’s Stamp Duty records.

Information on property sales is only applied in the calculation for a Small Area if there were more than five properties sold in that Small Area between 2018 and 2020."

Please read Revenue's guidance. "As Local Property Tax (LPT) is a self-assessed tax, you are responsible for assessing whether the average valuation band for your area does or does not apply to your own property. If the average valuation band on the valuation tool map does not reflect your property’s value, you should refer to the other information sources described on the next page." https://www.revenue.ie/en/property/local-property-tax/valuing-your-property/interactive-valuation-tool.aspx

Doing as you suggest could put you in breach of your obligations if the revenue suggested band is lower than the band it should be in.

Not paying Lpt in full can have very nasty consequences. A default acceptance is not an acceptance at all and is a breach of your obligations to know the value of the property.

You clearly have no idea of the consequences of underpaying LPT.

Point us to some real cases please, so I can read all about it these devastating consequences :)

Until then its just you over egging the consequences and talking about the big bad boogy man as usual.

What are the consequences? Show us real examples rather than tut tutting.

That's about it, but note that it's the local authorities where the default valuations are coming from. It's not Revenue chancing their arm and hoping that people will accept defaults. Revenue just collect the tax on behalf of the county councils etc. Personally I've no great issue with LPT if I perceive that a) it's fairly loaded and b) we see benefit for it locally.

Looking at our area, I have my doubts on both counts in case of a) it's obvious they are underassessing properties in towns and villages, probably to minimise electoral kickback and b) I see little evidence of local authority spending outside same towns & villages. I suppose they might put down a bit of tar every dozen years or so.

Where does the letter appear in the revenue website

Thanks. Going by their new bands I'll actually be paying less than I was.

Let it go man :)

Thanks, I was wondering too, I've received nothing albeit I'm set up for lpt since it started through myaccount

You would only have pay a % surcharge until your LPT underpayment had been cleared. Unless your property is in the top band and/or your tax bill is very very low the difference between the real value and the declared value will be very minor.

Claw Hammer is correct though that just because Revenue have given you a suggested valuation, doesn't make it correct. If in 3 years' time you sell the house declared at 250k for 750k, you will be required to either clear the underpayment or to explain the discrepancy. "I just accepted the suggested valuation" isn't a good enough excuse.

You have to pay a surcharge if there's been an underpayment of LPT in a tax year. Even if you clear the underpayment there is no guarantee that the surcharge will be reversed. In some cases the LPT people will rebate some of the surcharge but not all. Underpaying LPT can result in nasty consequences.