You should probably have all received your anticipated letter in the post outlining what band the revenue has classed your house and more importantly how much you are going to pay.
Just remember, this valuation is not necessarily the correct valuation and you must use the tools revenue has provided to obtain the correct market value such as:
- The online interactive guide providing indicative property values at https://lpt.revenue.ie/lpt-web/valuation-guide/index.htm
- The Residential Property Price Register at www.propertypriceregister.ie
- Use online sites such as daft.ie
- Local property estate agents
- Local newspapers
- Professional valuers
The valuation is based on self-assessment and requires you to honestly assess the value of your property. If you follow Revenue’s guidance honestly, they will accept your assessment and your valuation will not be challenged.
The value you place on your property now will determine how much you pay this year and for 2014, 2015 and 2016 regardless of any extensions, alterations, enhancements or sales values in the meantime. So take the time to value it correctly.
Further information on the LPT can be found at http://www.revenue.ie/en/tax/lpt
Declan Moore is Audit Manager in OSK.
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