'Revenue is under-valuing my house'

Apparently homeowners in the ‘higher end of the market’ are convinced that their houses are worth morethan Revenue suggests:

Obviously it could be the case that the necessarily broad-brush approach from Revenue will miss houses with big extensions and better gardens than their neighbours and so on. But how much of this is just people who can’t accept that they live in a 250k house when it was worth 600k a few years ago.

That’s mental, although could some of it be in lieu of strategic default, the more it’s valued at the bigger the write down?

There is a €100k difference between that Revenue have my place down and what the Daft calculator think its worth.

In which direction? Are Revenue erring on the low side?

But Stu … are you worth it? … that’s the real question!
Similar with meself and the Casa … seems about a 100K gap … but I suspect the Daft crowd are all cat lovers … need
the shaggy dog of sales, real sales, to judge.
Have been very few real sales round my way recently anyway- the cat has’nt lepped around here much.
BUT:
The valuations are really just setting a factored tax band regieme up - the concern with precision by some folk is not really going to be of consequence - although the implication of many that they want to pay more tax because my house is worth it is amusing alright!
It’s like engine sizing for car tax - a band that they think you are in and only an idiot would correct them upwards in my opinion.
I’m not complaining!

Revenue have me in the €200k to €250k Daft is €358k, is the house worth that who knows, I would think that its work €320+ but no similar size and type of house has come up for sale since we bought 3 heading for 4 years.In fairness to Revenue I suppose they had to start with what ever data they had and as you said they are purely indicative

I’m guessing that Revenue have deliberately erred on the side of low valuations in order to give people a feeling of “getting one over on the Revenue” when they pay the new tax.

People are so pathetic. And stupid. I am as despairing now as I was 6 or 7 years ago. Nation of fucking morons.

Let them pay the higher tax so. Suits me.

Meanwhile, somewhere is South County Dublin…

‘Look at this, darling. The Revenue Commissioners say our house is only worth 500k. Imagine what people will say about us at the golf club! Would you be a dear and let the Revenue know that it’s worth quite a lot more than that and get them to correct this before anyone sees it.’

“Appalled, absolutely appalled. Six figures in the valuation. Where do they think we are, Galway? I had my appraiser on to it straight away”.

Sorry, wait, what!!!

So people complaining about their house not being valued at a level they have become accustomed to, and now they will have to pay less tax, a tax that only a few week ago they did not want to pay at all. But now they want to pay more.

Why? Do they feel their social standing will be diminished if they have to tell family and friends they paid €250 in property tax?

its actually a good idea to get it right first time out.

Let’s say the revenue estimate your pad at 500k, but in 5 years time, you sell it for 2m. Revenue will come after you for back tax on the new value (back adjusted for rises in house prices generally). Then they will add penalties and interest. So its probably a good idea to get it fairly close to correct now.

€500k OMG! filthy Skangers!

Ha. I bet they haven’t even thought of comparing the stamp duty returns on house sales to declared property tax valuations.

You’re giving them far too much credit…

You can NOT be responsible for future price changes, just what its worth on the day - May 1’st.

The web/map thing is only a guide and you are solely responsibile for acuratly valuing your house.

The most shocking thing from that article for me is this:

I think they have gone low to minimise the number of calls/queries/haggling from the general public, which given the scope of the tax could be extremely costly.

Oddly enough, I think the expected fallout from the property tax might not be what was expected. I never really believed it would have a serious downward pressure on prices once they started talking about car tax levels, and not what they pay in the UK. But the mapping has stirred the pot, and by the looks of this thread, the good ‘moronic’ folk ringing DNG have clicked what posters on this thread haven’t.

Would you pay €80 a year to have the government label your house as being worth 50k-100k more than a house in a similar area? Mmmm, yes please. When it comes to buying a house, this map is going to be used, not to see if you can save €80, but to see how desirable/valuable/snobby/whatever one area is relative to another. This is going to create feedback loops IMO.

As I posted on a couple of the other threads, as a buyer I would certainly be using this against a seller, whether it’s too high or too low.

The purchase price of the house I’m in the process of buying is in a band one step above the revenue valuation - I assume the purchase price is the correct valuation?