Revenue does not value properties for Local Property Tax (LPT). Revenue provides guidance on how to value your property.
You can value your property, as at 1 May 2013, using the following as guidance:
- the online interactive guide
- the Register of residential property sales
- a professional valuation
- other information sources relating to local properties, for example:
- local newspapers
- information from local estate agents
- daft.ie or myhome.ie.
You, as the liable owner, must keep a copy of the information sources used to determine the value of your property.
Revenue lists the average market values of properties in a given locality to assist with valuation guidance. The average market values are at 1 May 2013. The average values offer an indication of the valuation band for your property, depending on type, age and location. This is a useful tool, however, you should use it with the other sources of guidance as above.
This video demonstrates how to use Revenue’s online valuation guidance. It also advises of other information sources to assist you in valuing your property.
Online interactive valuation guide
The online interactive guide provides information regarding 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. Your property may have 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 you provide must compare like with like. For example, you must compare a two-bed ten-year-old apartment with a similar property.
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. The valuation 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 this 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. We may require this 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 is a separate residential property for LPT purposes. A granny flat separated from the main property is liable for LPT.
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.
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