Revenue property valuations

D3PO

Interested in knowing how good or bad a job revenue have made of this. Anecdotally most people seem to feel they have overvalued but I think by polling the results we can get a better handle

cookie1977

House seems correctly valued (D6W)
Apt is way over valued (D8)

Both located in Dublin

Hijpo

cookie1977 wrote: »

House seems correctly valued (D6W)
Apt is way over valued (D8)

Both located in Dublin

Ours is undervalued, partners parents small 3 bed bungalow is way overvalued.

How Strange

Apt D10 overvalued by 33-50%

crusher000

What ever about revenues valuation there is a 150,000 euro difference where I live between two similiar houses 4 bedroom detached with 3 bathrooms on Daft.ie. Which one will I pick to self value my house ?

D3PO

crusher000 wrote: »

What ever about revenues valuation there is a 150,000 euro difference where I live between two similiar houses 4 bedroom detached with 3 bathrooms on Daft.ie. Which one will I pick to self value my house ?

assume your taking realised sales vaues and not asking prices as asking priced mean nothing. My view the higher value must be used.

crusher000

Just checked valuation on revenue.ie I'll be going with that one .

D3PO

crusher000 wrote: »

Just checked valuation on revenue.ie I'll be going with that one .

remember if revenue have undervalued you are on the hook its not an excuse to argue. Their website is only a guide you are responsible for applying the correct value.

Zulu

Overvalued my apartment in D3. I'll be going with a lower band.

The_Morrigan

I think they have overvalued my apartment. There have been no sales in the complex since 2010 and the valuations they have given are in the same region as the sale prices they had back then. The estates in the surrounding areas are all houses, no apartments, so I don't think they are comparable.

I'm considering paying for a valuation for my own piece of mind

crusher000

The_Morrigan wrote: »

I think they have overvalued my apartment. There have been no sales in the complex since 2010 and the valuations they have given are in the same region as the sale prices they had back then. The estates in the surrounding areas are all houses, no apartments, so I don't think they are comparable.

I'm considering paying for a valuation for my own piece of mind

That'll cost you from 150 to 200 euro which is probably around the same or more than the difference in the over valuation

crusher000

D3PO wrote: »

remember if revenue have undervalued you are on the hook its not an excuse to argue. Their website is only a guide you are responsible for applying the correct value.

Revenue are never wrong, never.

D3PO

interesting early poll results a good mix of under and overvaluing it would seem. perhaps the cynic in me expecting widespread overvaluing being th eorder of the day was a little off the mark

Ritchi

Mine is spot on, but seeing as I just bought, my sale price probably influenced it. The problem is that it doesn't really differentiate between house size, just house type. This may be more apparent in apartments, you could have 1, 2 or 3 bed, but they are all in the same price bracket. I've been looking about a bit and most apartments seem to be overvalued in my opinion, but this could be because there are actually more 3 beds than I think there are, which would drive up the valuations.

The_Morrigan

crusher000 wrote: »

That'll cost you from 150 to 200 euro which is probably around the same or more than the difference in the over valuation

Possibly, but if there is a dispute on my self assessment, then at least I have that as a source of evidence of my figures.

Personally I think the historic sales figures are too old and there are no apartments up for sale at the moment to even gauge an estimate, so not entirely sure what else I can do. They have my property at the 150-200k mark now and the sales back in 2010 were around 160- 190k for the apts in the complex.

markpb

My apartment in D17 is valued at 150-200k. The last two sales in my estate were in 2011 and for 114k and 120k. Clearly I'll be ignoring their suggested value and picking my own - the question is, is it plausible that they've fallen by 15k - 20k in 2 years?

Oddly enough apartments in Northwood (which is across the N1 from us) and Beaumont (which is directly south of us) are both rated a band lower. That's not what I expected at all.

Chris_5339762

Mine is correct (!) Apt in D16.

The_Morrigan

Shock Horror - the revenue has been criticised for their calculations on the property tax and daft.ie have done an alternative guide.

http://www.daft.ie/property-tax/?utm_source=daft.ie&utm_medium=strap_line&utm_campaign=strap_55_

Inputting my details on daft.ie I come into the band below what the revenue have suggested.

D3PO

The_Morrigan wrote: »

Shock Horror - the revenue has been criticised for their calculations on the property tax and daft.ie have done an alternative guide.

http://www.daft.ie/property-tax/?utm_source=daft.ie&utm_medium=strap_line&utm_campaign=strap_55_

Inputting my details on daft.ie I come into the band below what the revenue have suggested.

In fairness according to this poll 40% are correct. Thats more than I expected it to be given the haphazard approach they have taken to be honest.

D3PO

The_Morrigan wrote: »

Shock Horror - the revenue has been criticised for their calculations on the property tax and daft.ie have done an alternative guide.

http://www.daft.ie/property-tax/?utm_source=daft.ie&utm_medium=strap_line&utm_campaign=strap_55_

Inputting my details on daft.ie I come into the band below what the revenue have suggested.

Using the daft link it puts me in the band I believe I should be in anyway which is one band below revenue has suggested aswell.

I actually have a slightly higher self evaluation of my property than daft estimate at but it is in the same band they suggest.

Ritchi

Daft is putting me at 55k more than I actually paid for it three months ago, revenue had it in the right band.

Hijpo

With the bands being so large you are bound to be in the right one. What happens when the council take over the tax and have a more detailed map of what houses are where?

D3PO

Ritchi wrote: »

Daft is putting me at 55k more than I actually paid for it three months ago, revenue had it in the right band.

be hard for revenue to argue with your valuation, given how recently you purchased and their own evaluation.

Im sure Dafts tool will have plenty of annomolies too but Id say its probably got a better than 40% correct rate like the revenue tool.

Zulu

Daft are valuing my property at €145K, which is what the revenue site had me at.
The property price register list sales in my block since October last year averaging €90K.

cookie1977

Daft's tool for me is matching with my own estimates using the property price register almost exactly. House is the same as revenue estimate on both property price register and daft tool. And my apt should be 2 bands lower then revenue's guide based on both the property price register and Daft tool.

D3PO

Zulu wrote: »

Daft are valuing my property at €145K, which is what the revenue site had me at.
The property price register list sales in my block since October last year averaging €90K.

I would steer well clear of using an average sale price. Revenue site wouldnt give you a specific value just a band so 100 - 150k

If your saying the average sale achieved was 90k then its fair to assume sales went for over 100k aswell ?

In my eyes then the 100 - 150k band is correct for you, unless you consider your property to be run down in need of repair / significant interior work being done to it.

At the end of the day its self evaluated but I think people should think twice before convincing themselves a lower evaluation is perfectly legitimate.

John Mason

It think mine is right but it very hard to distinish between the colours for €0 - €100,000 and €100,001 - €150,000.

I am going with the lower valuation. A house on my road sold in the last Allsop sale for €69k and there have been a few sales in and around the €75k mark over the last few months.

Daft has valued the price at €125,080 which is way off.

monkeysnapper

my valuation is 135k so im in the 100-150 . but if i was to put my house up for sale tomorrow at that price it wouldnt sell, im tempted to stick it in the 0-99k but i live around alot of people who wont put theres in that band so ill be skrewed. so i may as well bite the bullet and pay in the 100-150 band.

D3PO

John Mason wrote: »

It think mine is right but it very hard to distinish between the colours for €0 - €100,000 and €100,001 - €150,000.

I am going with the lower valuation. A house on my road sold in the last Allsop sale for €69k and there have been a few sales in and around the €75k mark over the last few months.

Daft has valued the price at €125,080 which is way off.

To be honest I dont think you can realistically use an Allsop sale price at all in your valudations. Properties being sold at a distressed property acution will never realise their actual value so thats not relevent.

Fair enough recent sales were going for 75k.

Ogham

D3PO wrote: »

In fairness according to this poll 40% are correct. Thats more than I expected it to be given the haphazard approach they have taken to be honest.

Revenue themselves have estimated that only 47% should be in the correct band
according to this . http://www.moneyguideireland.com/analysis-of-online-revenue-valuation-tool.html

Bullseye1

The_Morrigan wrote: »

Shock Horror - the revenue has been criticised for their calculations on the property tax and daft.ie have done an alternative guide.

http://www.daft.ie/property-tax/?utm_source=daft.ie&utm_medium=strap_line&utm_campaign=strap_55_

Inputting my details on daft.ie I come into the band below what the revenue have suggested.

That is a proper system.