Valuing your property
As LPT is a self-assessed tax, you are obliged to determine the market value of any property for which you are the liable person.
The first valuation date for LPT is 1 May 2013 and was initially for a three year period up to 2016, this has been extended until 2019. This initial valuation of your property on 1 May 2013 will be valid from 2013 to 31 October 2019 and will not be affected by any repairs or improvements made to your property, or any general increase in property prices, during this period. The next valuation date will be 1 November 2019.
Guidance on Valuing your Property
An online interactive guide providing indicative property values is available on www.revenue.ie. This provides a guide to average market values of properties in a given locality and offers an indicative valuation band for properties depending on type, age and location. It does not provide market values for individual properties. The guidance is primarily based on the market value of properties sold since the year 2010 in the area, adjusted for average price movements in the interim. This guidance will be helpful in the majority of cases but there are always properties in an area that differ from the average.
The valuation guidance is based on:
- The type of property e.g. detached, semi-detached, apartment etc.
- The age of the property e.g. built before the year 2000 or after.
- The average price of the type of property for the general area.
You will need to consider the specifics of your own property when using Revenue’s valuation guidelines. If your property has certain unique features, is smaller or larger than the average for your area, is in a significantly poor state of repair or has exceptional features, you will have to factor this into your assessment of the valuation of your property.
If you follow Revenue’s valuation guidelines honestly, we will accept your property value assessment. However, if you feel that the guidance is not indicating a reasonable valuation for your property, you should make your own assessment. You are responsible for ensuring that you choose the correct value band for your property. If Revenue has reason to believe that the amount you have declared on your Return does not reflect the market value of your property, we may raise an assessment for a different amount.
You might find the register of residential property sales, published by the Property Services Regulatory Authority (PSRA) based on Revenue Stamp Duty data (www.propertypriceregister.ie), of assistance for valuing your property. If the property is a new property, the price shown is exclusive of VAT (at 13.5%). In determining the relevant valuation band for your residential property, you should always use the VAT inclusive price.
You may choose to obtain a valuation from a competent professional valuer. Some valuers are offering a special price for LPT valuations. If you have purchased your property or obtained a professional valuation in recent years, you may use this valuation and adjust for any change in property values in your area since the date of this valuation.
You should also refer to other sources of information relating to local properties such as the property section of local newspapers, information from local estate agents and property websites.
A copy of the information sources used by the property owner to inform his or her self-assessment of the value of the property should be retained as proof of compliance with his or her LPT obligations. This might include a paper record of the property section of their local newspaper, information downloaded from the property price register regarding the sales price of a similar house sold in the area, information downloaded from property websites or details taken from Revenue’s valuation guidance.
This video demonstrates how to use Revenue's online valuation guidance and other information sources to assist you in valuing your property.
This page was last updated on: October 2016