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04 Dec 2021

Ask Jackie: How do I value my home for the Local Property Tax?

Ask Jackie: How do I value my home for the Local Property Tax?

The Local Property Tax (LPT) is a self-assessed tax, your own valuation of your property, as of November 1, 2021.

The Local Property Tax (LPT) is a self-assessed tax, your own valuation of your property, as of November 1, 2021.

This will determine what property tax you pay until 2025. It is important to ensure you have the correct valuation.

You can refer to one or more of these information sources to help you make your self-assessment of your property's value for Local Property Tax (LPT).

You should use information about properties in your area that are similar to your own property, for example, in type, approximate size and approximate age. The information you use should be from recent years to help you value your own property.

You can refer to other available information about properties in your area to help you value your own property. These information sources could include, for example:

-newspapers or other media sources
-information from local estate agents
-commercial property sales websites such as daft.ie, myhome.ie

Professional valuation

You may choose to ask a professional valuer to value your property.

The professional valuation should reflect the value of your property on 1 November 2021.

The documentation that the professional valuer provides should include the:

-type of property
-size of the property
-condition or state of repair of the property.
-Residential property price register

The Property Services Regulatory Authority (PSRA) publishes the Residential Property Price Register. This Register holds information on residential properties purchased in Ireland since January 2010.

You can refer to the Register to check the price of properties that have been sold in your area in recent years. You should compare properties on the Register that are similar to your own property, for example, in type, approximate size and approximate age. You should consider a group of relevant sales over recent periods.

Documentation

You should keep a copy of any information sources and supporting documentation that you use to determine the market value of your property. Revenue may request this from you in the event of a review of your self-assessment of your property's value.

In the event, you are unsure, always check with a registered Property services provider/ auctioneer in your area.

Jackie White is the owner of Raymond White Auctioneering, Ballymahon.

Email: jackie.white@ raymondwhite.ie Tel: 087 133 4099

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