Chartered surveyors welcome extension of Local Property Tax deadline to Wednesday 10th Nov

Chartered surveyors welcome extension of Local Property Tax deadline to Wednesday 10^th Nov

“A lot of homeowners were leaving it until the last minute and this was leading to a lot of anxiety. Our advice is to do it properly and to do it asap.”

SCSI Ten Tips for homeowners making an LPT valuation

Friday 5^th November 2021: The Society of Chartered Surveyors Ireland has welcomed the decision by the Revenue Commissioners to extend the deadline for returning updated Local Property Tax valuations to 5pm on Wednesday 10^th of November. The original deadline had been this Sunday Nov 7^th.

TJ Cronin, the President of the SCSI said the extension of both the deadline and opening hours of the Revenue’s helpline would help the approximately 800,000 homeowners who have yet to submit their new valuations.

“Obviously people haven’t had to do this in over 8 years and some people are doing it for the first time so our members are seeing a good deal of anxiety out there. A lot of people had clearly left it to the last minute and were scrambling. The extension should remove a lot of anxiety, but our advice is for people to do it properly and do it asap”

The SCSI has reissued its Ten Tips for homeowners doing their own valuations

• Act now and prepare your submission in good time
• Use the Revenue Commisioners’ Property Valuation Guide at  LPT (revenue.ie)
• Check recent sales in your area on the Property Price Register Residential Property Price Register – Home Page
• When studying the PPR make sure you are comparing like with like
• For example overall size, no of rooms, condition, positioning, orientation
• Ask yourself if you would be happy to sell your property at this valuation
• Check how much LPT you will pay at this or other bands at Calculate your Local Property Tax (revenue.ie)
• If you still have concerns, call a chartered surveyor valuer or estate agent
• When you’re happy with the valuation proceed and submit your valuation online via myAccount (ros.ie), LPT (revenue.ie) or in paper form using the LPT1 form before 5pm Wednesday Nov 10^th
• Alert family members / neighbours who may not be aware of their obligations

Colin Smyth, a chartered surveyor and estate agent based in Dublin says his office has been extremely busy with valuations over the past month. He says most homeowners just want to get the valuation right first time.

“If most homes in the area are a similar type or there have been a lot of transactions or it’s a recent development, assessing the value and choosing a band can be relatively straightforward. But if it’s not or people are still unsure, they should put in a call to a chartered surveyor or estate agent who will be able to provide them with an accurate LPT value. As well as peace of mind a professional valuation may save you money.”

TJ Cronin, who’s an estate agent based in Cork, says the key point for homeowners is to avoid storing up problems for the future.

“While some people may be tempted to go for a lower band to save some money in the here and now, that decision may cause complications if or when the property is put up for sale down the line.”

Due to the increased demand for LPT valuations the SCSI has produced a new guide and template for members to facilitate their work in this area.

If homeowners are getting a professional valuation, they don’t have to submit that report with their valuation, but they would have to hold it on file in case Revenue ask for supporting documentation at a later date.

Homeowners can review the SCSI’s Ten Tips at www.scsi.ie

Ends

For further information

Contact Kieran Garry

GPR Communications

087/2368366

kierangarry@gprcomms.com