Valuing your property
What to include in your valuation
Properties with associated land and other buildings
When you self-assess the value of your property, you should include the value of lands and other buildings associated with your property. This includes lands or buildings that have domestic or residential purpose, or an amenity such as a:
- yard, garden or patio
- driveway or parking space
- garage, shed or greenhouse
- garden room or home office.
You should only value land up to one acre (0.4047 hectares). If the land associated with your property exceeds one acre, you should value the part that is most suitable for enjoyment with the property. This is generally the land closest to the property, for example, the land that you use as a garden.
What you do not need to include in your valuation
You do not need to value:
- land adjoining a farmhouse that you use as farmland
- or
- sheds that you use for farming purposes, for example, those used to store hay or house farm animals.
Bedsits and ‘Granny flats’
A part of a building that is in use, or is suitable for use, as a dwelling, is generally treated as a separate residential property. For example, each self-contained apartment within a building is a separate residential property which incurs its own Local Property Tax (LPT) liability. In these circumstances, each individual apartment must be valued separately, for LPT purposes.
However, if you are the owner of a ‘granny flat’, you may value this as part of its adjoining property. This treatment only applies where you own both the granny flat and the adjoining property. You are required to submit details of the layout of the property and its ownership to Revenue.
Where a building contains units that are not suitable for use as self-contained dwellings such as bedsits, you should value the overall building for LPT. For further information, please see the Tax and Duty Manual Part 01-01.
Next: How to value your property