Implications for property from Budget 2013

sam34

tvc15 wrote: »

Your safe, new buyers only

Great, thanks.

orlaanne

So my house was valued and purchased in one band but it's not had much done to it and the house next door was purchased in the band above (I'd say most houses around the area would be a band or two higher due to extensions, new kitchens etc etc). I wonder can I use my bank valuation from 3 months ago to make sure I don't get landed in a higher band?

StillWaters

orlaanne wrote: »

So my house was valued and purchased in one band but it's not had much done to it and the house next door was purchased in the band above (I'd say most houses around the area would be a band or two higher due to extensions, new kitchens etc etc). I wonder can I use my bank valuation from 3 months ago to make sure I don't get landed in a higher band?

I'd imagine it will get flagged in the system if you are out of kilter with your neighbours, but as long as you can justify the anomaly with a recent valuation report you should be ok. That's just a guess though, detail won't be known til the Finance Act.

Zamboni

I think every single FTB looking to buy a house after July 2013 should demand to see the property tax and the valuation paperwork of the vendor.

Property owners looking to sell can't have it both ways.
Cheap valuation for tax purposes and another elevated valuation for selling price.
If you only paid tax on a property valued at €399,000 then you are going to have a hard time trying to flog it to me for €430,000 (without some form of upgrade).

Citizenpain

sam34 wrote: »

can I ask a stupid question- I bought a house last yr and am getting MIR- will I continue to get that as was the original plan? when they say it's been abolished is that for new purchases from 2013 on?

You will get it until 2017

StillWaters

Zamboni wrote: »

I think every single FTB looking to buy a house after July 2013 should demand to see the property tax and the valuation paperwork of the vendor.

Property owners looking to sell can't have it both ways.
Cheap valuation for tax purposes and another elevated valuation for selling price.
If you only paid tax on a property valued at €399,000 then you are going to have a hard time trying to flog it to me for €430,000 (without some form of upgrade).

I wonder will the data be publicly available? In any case as it is fixed until 2016 it's fairly useless as a bargaining tool for purchasers if there is movement in the Market.

Zamboni

StillWaters wrote: »

I wonder will the data be publicly available? In any case as it is fixed until 2016 it's fairly useless as a bargaining tool for purchasers if there is movement in the Market.

It's not a bargaining tool. It would form part of due diligence carried out by a prospective purchaser.

murphaph

StillWaters wrote: »

Not necessarily, it is not clear yet if it is on gross or nett, if nett, thats fine.

On the plus side, NPPR abolished from Jan 2014.

It'll be nett.

PRSI is already payable by many landlords on their rental income. Only PAYE employee LLs got an exemption up until now (and non-resident LLs of course who cannot avail of PRSI funded services). Self employed LLs have always been liable to class S PRSI on gross rent after expenses.

dellWlan

Citizenpain wrote: »

You will get it until 2017

I just got a letter from EBS saying my mortgage interest relief is cut by €200 per month. So it seems my relief is not staying at 30% till 2017.