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Valuing your property

  1. Overview
  2. How to value your property
  3. Valuing newly liable properties
  4. Revenue's interactive valuation tool
  5. Other information sources for valuing your property
  6. Factors that may affect your valuation
  7. How your LPT charge is determined

Valuing newly liable properties

Note

Your property may have become liable for LPT for the first time in 2024. If so, you should have valued your property and submitted your LPT Return by 1 December 2023. If you have not yet filed your return, you should do so immediately.

Your newly built, or renovated, property may become liable for Local Property Tax (LPT) in 2024. To determine if your property has become liable, please see Properties that become liable for LPT.

If your property has become liable, you will need to value as if it had existed on 1 November 2021. When you have valued your property you will need to:

Newly built residential properties

To value your newly built property as at 1 November 2021, you can use Revenue’s discount factor or other information sources.

Revenue discount factor

You can apply a discount factor to help you determine the value of your property as if it had existed on 1 November 2021. You can apply the discount factor if:

  • you purchased your newly built property on the open market
  • or
  • you self-built your property and can self-assess its value on the date it was completed.

For further information on how Revenue has calculated the discount factor, please see Technical Note on Discount Factors.

Revenue discount factors for residential properties completed or purchased between 2 November 2022 and 1 November 2023
Date new residential property was completed or purchasedRevenue Discount Factor
1 July 2023 to 1 November 2023 1.15
1 April 2023 to 30 June 2023 1.15
1 January 2023 to 31 March 2023 1.13
2 November 2022 to 31 December 2022 1.10
Revenue discount factors for residential properties completed or purchased between 2 November 2021 and 1 November 2022
Date new residential property was completed or purchasedRevenue Discount Factor
1 July 2022 to 1 November 2022 1.06
1 April 2022 to 30 June 2022 1.03
1 January 2022 to 31 March 2022 1.01
2 November 2021 to 31 December 2021 1.00
  • Example 1

    Keith purchased a new residential property in September 2023 for €640,000. Construction on the property had not been completed on 1 November 2022 and so was not liable for LPT for 2023. As the property is suitable for use as a dwelling on 1 November 2023, it is liable for LPT for 2024.

    The value of the property in September 2023 is €640,000. To estimate the value on 1 November 2021, the value in September 2023 is divided by the discount factor for that period.

    1 November 2021 estimated value = September 2023 value ÷ September 2023 discount factor

    1 November 2021 estimated value = €640,000 ÷ 1.15 = €556,522

    €556,522 is the estimated value of Keith’s property on 1 November 2021. This puts Keith’s property in LPT Valuation Band 6 (€525,501-€612,500). He therefore submits Band 6 (€525,501-€612,500) on his LPT Return.

    In this example, the valuation would fall into Band 7 without the discount factor.

The LPT bands increase in ranges of €87,500. Due to this, application of the discount factor may not result in a change of LPT band. In many instances, the LPT valuation band may be the same as the Original Market Value (OMV) of the property.

  • Example 2

    Mark finished building a new residential property in June 2023. The property did not exist, or had not been completed, on 1 November 2022 and so was not liable for LPT in 2023. As the property is suitable for use as a dwelling on 1 November 2023, it is liable for LPT in 2024.

    Mark’s self-assessment of the Open Market Value of the property in June 2023 is €335,000. To estimate the value on 1 November 2021, the value in June 2023 is divided by the discount factor for that period.

    1 November 2021 estimated value = June 2023 value ÷ June 2023 discount factor

    1 November 2021 estimated value = €335,000 ÷ 1.15 = €291,304

    €291,304 is the estimated value of Mark’s property on 1 November 2021. This puts Mark’s property in LPT Valuation Band 3 (€262,501-€350,000). He therefore submits Band 3 (€262,501-€350,000) on his LPT Return.

    In this example, the valuation stays in the same valuation band.

Other information sources

In some cases, the OMV may be difficult to self-assess. In such cases you should consult other Revenue or external sources to help you value your property as at 1 November 2021.

  • Example 3

    Katie finished building a new residential property in February 2023. The property was not liable for LPT in 2023 as it did not exist, or was not completed on 1 November 2022. As the property is suitable for use as a dwelling on 1 November 2023, it is liable for LPT in 2024.

    Katie consults the Residential Property Price Register for property transactions in her location for September 2021 to December 2021. She finds that the average price is €300,000. This puts Katie’s property in LPT Valuation Band 3 (€262,501-€350,000). She therefore submits Band 3 (€262,501-€350,000) on her LPT return.

Properties that have become suitable for use as a dwelling

You should consult other Revenue or external sources to help you value your property as at 1 November 2021.

Revenue’s advice is that the discount factor should not be used to value renovated properties. The discount factor is calculated using the price characteristics of entirely new properties.

For further information on how Revenue has calculated the discount factor, please see Technical Note on Discount Factors.

  • Example 4

    Mary is the owner of a property which was previously uninhabitable. On 1 November 2021, the property was unoccupied. It had no running water or electricity and its roof was partially collapsed. The property was not liable for LPT for 2022.

    Mary started renovating the property at the end of 2022. The renovation was completed in August 2023. As the property is suitable for use as a dwelling on 1 November 2023, it is liable for LPT for 2024. The property is liable for LPT regardless of whether it is occupied or not.

    Mary consults Revenue’s interactive valuation tool to help her to value her property as at 1 November 2021. She determines the average LPT band for her location is Band 2 (€200,001-€262,500). She is aware that there are several other similar properties to hers in her area. She therefore submits Band 2 (€200,001-€262,500) on her LPT return.

Next: Revenue's interactive valuation tool

Published: 18 December 2023 Print this page

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