Property Tax calculations in Galway drawn up by non-resident!

Greaney

I don't know if some have you have seen the calculations drawn up by the Renvenue for property tax in Galway but they think property is cheap in Taylors hill and expensive in Ballybane (Ballybaan!!). Clearly drawn up by someone living in..... Kuala Lumpur!!!!

http://www.revenue.ie/en/tax/lpt/property-valuation-guide.html

Is there any way of submitting the REAL price of the property. My sisters two bed flat near Castlepark is calculated a good 30=40% above it's market value in fact, they calculate it's the price she bought it for at the hight of the boom. On the other hand a house on Taylors Hill is estimated to be between 150k-250k!!! Seriously, are you kidding me??

snubbleste

Oi..there be poor people in Taylor's Hill too!

Greaney

snubbleste wrote: »

Oi..there be poor people in Taylor's Hill too!

Ha ha, I hear ya, but their houses are worth way more than calculated. In fairness, they're lucky, they should just pay and keep their mouth shut, which they will and are legally entitled to do so (immoral tax).

But my poor sisters place is calculated to be worth 100-150k. There's plenty for less than 80k in the area. Her place is worth maybe 60k:(. I really feel for her... On my link there's plenty worth less than 100k
http://www.daft.ie/searchsale.daft?search=1&s[cc_id]=c19&s[a_id]=ga12&s[mxp]=100000&s[search_type]=sale&s[refreshmap]=1&search_type=sale&s[sort_by]=price&s[sort_type]=a

snubbleste

Well tell her to write back to Revenue with her estimate of the property's worth and include evidence if possible ie. recent property register sales in the area.
She'll get a letter in the next week outlining how to respond by May. Revenue's estimate is a massive sweeping generalisation, nationwide.

Greaney

snubbleste wrote: »

Oi..there be poor people in Taylor's Hill too!

Thanks Snub, I was on their website but I didn't see any instructions about that. Will get her to follow it up. The professional 'evaluation' although costing a bit at first will save her a few bob over the next few years:)

snubbleste

I wouldn't pay for an evaluation. Just take an educated guess what the property is worth and try and back it up with evidence from http://www.propertypriceregister.ie/

This is Revenue's guide for Galway http://www.revenue.ie/en/tax/lpt/property-valuation-guidance/galway-city.pdf

dilallio

They probably live in Taylors Hill, not Kuala Lumpur.

Mrs OBumble

Greaney wrote: »

Is there any way of submitting the REAL price of the property.

There's ya problem: the value is really only whatever anyone will pay for it. There aren't many sales happening, so estimating value is difficult.

Simplistics I know. And I haven't gone thru the detail. But from what I've heard from colleagues, the system sounds workable, you just have to read up and do intelligent things.

antoobrien

Greaney wrote: »

I don't know if some have you have seen the calculations drawn up by the Renvenue for property tax in Galway but they think property is cheap in Taylors hill and expensive in Ballybane (Ballybaan!!). Clearly drawn up by someone living in..... Kuala Lumpur!!!!

http://www.revenue.ie/en/tax/lpt/property-valuation-guide.html

The valuations are roughly based on averages sale prices since 2010 (there is a technical paper on the revenue website outlining the methodology). The problem with the valuations is that the areas chosen are not fine grained enough to account for obvious outliers like Taylors Hill here in Galway and the same variations can be seen across the major urban areas across the country. The area that Taylors hill is in covers more than just Taylors hill, areas like Dunaras & Highfields Park fall into this area, so while there are houses worth 600k+ in the area, there are a also a lot of <150k properties.

So in caluclating the valution bear in mind that
The revenue website states that the property price register and local property pages can be used to justify a valuation.

You might find the register of residential property sales, published by the Property Services Regulatory Authority (PSRA) based on Revenue Stamp Duty data (www.propertypriceregister.ie), of assistance for valuing your property.

You may choose to obtain a valuation from a competent professional valuer. Some valuers are offering a special price for LPT valuations. If you have purchased your property or obtained a professional valuation in recent years, you may use this valuation and adjust for any change in property values in your area since the date of this valuation.

You should also refer to other sources of information relating to local properties such as the property section of local newspapers, information from local estate agents and property websites.

A copy of the information sources used by the property owner to inform his or her self-assessment of the value of the property should be retained as proof of compliance with his or her LPT obligations.

There is some more information in the FAQs: http://www.revenue.ie/en/tax/lpt/faqs/valuation.html