Valuing your property
How do you value your property?
Revenue does not value properties for Local Property Tax (LPT) purposes, but provides guidance on how to value your property.
You can value your property using the following as guidance:
You, as the liable owner, must keep a copy of the information sources used to determine the value of your property.
Revenue has listed average market values of properties in a given locality to assist with valuation guidance. It offers an indication of the valuation band for your property, depending on type, age and location. This is a useful tool however it should be considered with other documentation specific to your property.
This video demonstrates how to use Revenue's online valuation guidance and other information sources to assist you in valuing your property.
Online interactive valuation guide
The online interactive guide provides information with regard to the average market values of properties in a given area.
The valuation bands indicated depend on the:
- location of properties.
It does not provide individual market values for properties.
This online interactive guide is helpful, but it is important to consider the specifics of your own property. If your property has certain unique features, you should consider this when determining the value of your property. For example, you may have a smaller garden than the average in your area.
Register of residential property sales
The Property Services Regulatory Authority (PSRA) publishes the register of residential property sales.
If the property is a new property, the price shown is exclusive of VAT (at 13.5%).
You should use the VAT inclusive price when determining the valuation band for your property. All examples provided must compare like with like. For example, a two-bed ten year old apartment compared with same.
You may choose to ask a competent professional valuer to value your property. The professional valuation must reflect the value of your property on 1 May 2013 and should include the following:
- the type of property
- the size of the property
- the condition, or state of repair.
Other information sources
You should refer to information relating to local properties, for example:
- the property section of local newspapers
- local estate agents
- property websites such as daft.ie and myhome.ie.
These sources must compare like with like and reflect the market value of your property as of 1 May 2013.
What if I do not follow Revenue's valuation guidance?
If you follow Revenue's valuation guidelines honestly, we will accept the valuation you placed on your property. 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. You should retain all supporting documentation you rely on when choosing the valuation band as this may be required in the event of a compliance review. Revenue may raise an assessment where it believes that the amount you have declared on your return is too low.
What if you live in a granny flat?
Legally, any building or part of a building in use or suitable for use as a dwelling including a granny flat, is a separate residential property for LPT purposes. This means that the granny flat and the main property have separate LPT liabilities.
If the same liable person owns the granny flat and the main property, Revenue may allow both buildings to be valued as one property for LPT purposes.
Next: Factors affecting your valuation