LPT Valuations and sale

goofy141

Hi,

LPT valuation at 100-150k, house prices increase and house sells for 210k, any idea what happens?

Thanks,

Cathmandooo

The house sells for 210k in 2018?

If so, nothing will happen. The 100-150k valuation was based on the value on 1st May 2013. The market has moved since but the property tax doesn't increase with it.

The next valuation date for property tax is 1st November 2019. The house will be in a higher value bracket from then on.

wowy

I think there's a requirement about that if the selling price is more than twice the median value of the band (so in the case above, €125k value and €250k sale price) then the vendor needs to get confirmation from Revenue that LPT arrears won't be sought. Just need to get estate agent to submit a valuation confirming that May 2013 value and LPT band is correct, and that the increase in value from then is either due to market values rising or improvements made to the property, etc.

busylady

No need to do anything, general clearance applies to all properties sold under €350K.

claregal1

You download an LPT 5 form and submit proof that at 2013 property valuation was that price . Revenue will accept proof from the property price register of properties in that area similar to your own which were sold in that band in 2013 . You will then be issued with clearance

goofy141

Thats great thanks all.

MaudL

Hiya,
Sorry for highjacking the thread, but how would I find out what the valuation for a property was in 2013?

Thanks