End to WIW threads (House Valuation)

Revenue will now tell you what it is worth.
A letter will be sent to you in the next few months.
Revenue will tell every homeowner in the country how much it thinks their home is worth and how much they should pay in property tax in letters to be distributed within weeks.
The notices to be sent out shortly will tell homeowners the “indicative value” that the Revenue puts on their home.
While owners will still be able to self-assess, those who deviate from the provided estimates face the prospect of checks, inspections and challenges from the Revenue. “We need a figure to be able to enforce,” a spokeswoman said. independent.ie/business/pers … 43775.html

Govt. Issued statement of house value … coming to a dinner party near you!

Would sellers then expect buyers to pay those values given by the Government?

When is the appeals board set up?

(Part joke, part serious; I’m not paying a penny more than I have to, and the PPR gives a figure on what houses in my estate are going to. If I’m put in a bracket or two higher than that by a government that wants to believe in higher house prices…)

They’ve actually done it. They’ve found a way to pump property prices and set them to a value that they like… get Revenue to set the value of the property, simples!!!

I can see the boardroom presentations when this was being discussed in government.

“This will finally put a floor on the property market.”

EDIT -

Well it seems you can just disregard the valuation they give and pay tax based on your own estimate and risk an inspection so nothing to appeal really.

This system is now not much different to rates except Revenue have the authority and collecting power. Sheriff is going to make a mint as they apply their fees. It’s all highly arbitrary. So expect fun and games and maybe some fireworks.

True. Although I wonder what sort of checks and challenges Revenue have in mind then?

This could be fun. :angry:

oireachtas.ie/documents/bill … 10812d.pdf

As at this time the guidelines are not available on revenue.ie.

However the Act contains several sections round valuation and appeals ( to the Appeals commissioners). It is worth noting that those guys usually only hear appeals when the tax has first been paid.

oireachtas.ie/documents/bill … 10812d.pdf
Section 47 onwards…

So basically if my house is worth under a million (which it is), I can completely ignore what they have to say?

If, as I presume will be the case, your assessment matches theirs, and its paid on time and in full, you’ll hear nothing more from them.

Maybe I’m cynical (well, I know I am, but anyway) - but is that not quite the presumption?

Sure prices aren’t dropping; you’ll be in this band which is one up from where I reckon I’ll be.

There’s a nice scam going with rates revaluations - your property is valued too highly, but you can reduce your rates bill if you pay a solicitor 20% or your savings to appeal the valuation. Is there scope for similar here?

Do the Revenue refund you if you subsequently sell your house for much less than you’ve been valuing for tax? :angry:

Best of luck with that one

no, but they’ll probably send you a bill if you sell for more!

Will buyers be able to see what band the seller has been paying tax in?

I am still not sure how the government can rely on self assessment here …

As I said, if your valuation is within the guidelines ( as yet unpublished ) then should be OK