The Society of Chartered Surveyors Ireland (SCSI) has said its members are seeing an increased demand for property inspections from homeowners ahead of the deadline for returning updated local property tax (LPT) valuations to the Revenue Commissioners on November 7th.
Colin Smyth, a chartered surveyor and estate agent based in Dublin, said his office has been “extremely busy” with valuations over the past month, and that 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,” he said. “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 advises property owners to:
• Act now and prepare your submission in good time
• Use the Revenue Commisioners' Property Valuation Guide which provides an estimated average valuation band for residential properties in each area.
• Check recent sales in your area on the Residential Property Price Register
• When studying the register, make sure you are comparing like with like – for example overall size, number 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 by visiting the Revenue's Calculate your local property tax
• 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 by November 7th
“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,” said Mr Smyth.
“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,” Mr Smyth said.
SCSI president TJ Cronin said 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 it’s tending to be for the more expensive properties,” he said.
“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 Society of Chartered Surveyors Ireland 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,” he added.