Price of land valuation?

From my experience of dealing with the professionals my only advice is Ask first.
However I will add that it should not be more than €150

Sonic the Shaghog wrote: »

Thank you for taking the time to reply I appreciate it. I figured house would cost that alright, now wondering what they'd charge to value the 30 acres assuming they'd walk it hope it's no more than 1k for the whole lot

Have you spoken to an accountant, and know what different valuations will mean to you?

When I had something similar done, the land was not walked but the auctioneer said that the value was very subjective and ‘what value had I in mind’...

So make sure you have your homework done first

Valuation shouldnt be any more than the 150/ 200 mentioned above, land and house. As said talk with your accountant.

Sonic the Shaghog wrote: »

Oh ok thanks very much all

It's for the solicitor to sort probate

If lads are interested...

House is left to mother so grand there

Land to me and no green cert, would be ideal come in under the 2018 inheritance tax value which was 214k or something if I remember, would save needing to go down the route of agricultural relief and the 6 year farming/renting out stipulation, I will farm it alright just be nice not to be tied to it for 6 years if anything happened and wanted sell a field etc

It will depend of course on your personal circumstances. CAT allowances are lifetime allowances.If you get the ag relief then it effectively only counts as the 10% but as you say, there are extra stipulations that must be satisfied. You might need to have it valued high to reach the 80% threshold. You don't need green cert if you do rent it out.


There is also a business relief which can be used if you don't qualify for ag relief. I don't know how that works in practice though. It has the same 90% reduction I think.



In terms of selling, I *assume* that if it's kinda worth say 250k now and you get it valued at 200k then you are fine and using up your threshold. But if you sell in 5 years for 500k then you pay CAT on the 300k capital gains.



If you have it legitimately valued now for 1m say, and you get it reduced with ag relief then it only takes 100k off your lifetime allowance, and if you sell it in 7 years for 500k you have no capital gains to pay tax on

You wouldn't be "tied" to anything - there would just be a clawback.

Got a valuation done last year for transfer. Land yard and machinery. Block of 150 acres in 3 folios. Whole thing was €300. Loads of hidden little costs including a certified business plan to be signed off by teagasc

mr.stonewall wrote: »

Got a valuation done last year for transfer. Land yard and machinery. Block of 150 acres in 3 folios. Whole thing was €300. Loads of hidden little costs including a certified business plan to be signed off by teagasc

Sorry a second valuation had to be done in that with the land value from the 1970's

There are as many valuations on a property as there are reasons to value it.
For insurance? You'd like as high as possible.
Getting divorced? You and your soon-to-be-ex will be looking for very different valuations.
For transfer tax reasons, as low as practically possible.
Etc, etc.
Not just Estate Agents value land, Auctioneer in the Mart can do so too.
Ring around, get quotes.

Bass Reeves wrote: »

You may or may not need a low valuation on inheritance. The group A threshold is 335k from a parent to a child.. If you the 30 acres is the only inheritance then you may well decide to value it as high as possible in case of future sale. If you are going to inherit substantial amount from your mother you may decide to keep the valuation as low as possible to avoid a future tax bill. If you are going to inherit the house from your mother down the line that may have limited value if it is within the farm yard.

Most valuers will work with you to achieve a figure in your favour

This, might be an idea to talk to your accountant, you can get things valued differently on the high side/ low side /other side to best suit circumstances.