As Local Property Tax deadline looms, SCSI says members are seeing increased demand for valuations, especially in Dublin

As Local Property Tax deadline looms, SCSI says members are seeing increased demand for valuations, especially in Dublin

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As Local Property Tax deadline looms, SCSI says members are seeing increased demand for valuations, especially in Dublin

Homeowners urged not to store up problems for the future – “Use the available tools and if still in doubt call a professional”

SCSI Ten Tips for homeowners making a valuation

 

Mon 25th Oct 2021: With the November 7th deadline for returning updated Local Property Tax valuations to the Revenue Commissioners fast approaching the Society of Chartered Surveyors Ireland says its members are seeing an increased demand for property inspections from homeowners – especially in the Greater Dublin Area.

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.

“Property taxes more than other types of tax probably do stir up emotions and people can become anxious about it. They want to ensure their tax affairs are in order and don’t really want to engage with the Revenue. If you are doing your own valuation the SCSI would advise that you……….

  • 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 Nov 7th
  • Alert family members / neighbours who may not be aware of their obligations

 

“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 valuation.”

“As well as peace of mind a professional valuation may save you money. We had one case where it was suggested the property should be in Band 17, whereas market evidence suggested Band 13 might be more appropriate.”

The President of the SCSI, Cork based estate agent TJ Cronin says the key point for homeowners is to avoid storing up problems for the future.

“While we’re also seeing increased demand for valuations in Cork, as in Dublin its tending to be for the more expensive properties. 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 you are getting a professional valuation you don’t have to submit that report with your valuation, but you would have to hold it on file in case Revenue ask for supporting documentation at a later date. Finally, it’s important to remember that the 7th of November is a Sunday so homeowners looking to get a professional valuation shouldn’t leave it until the last minute” he concluded.

 

Ends

 

For further information

Contact Kieran Garry

GPR Communications

087/2368366

kierangarry@gprcomms.com

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