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LPT and Pyrite

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  • 23-11-2018 12:27pm
    #1
    iwishiknew
    Registered Users Posts: 42 ✭


    Hi All

    Just wanted to get a quick bit of advice please? I have a house that had Pyrite, but was remediated a couple of years ago. Its your bog standard 3 bed semi, in an estate on the edge of Dublin. Most people in the estate didnt pay LPT at all ( or so they say ), and thats fine. We did but at the minimum level based on the sale price of the only house that had sold at the time ( for buttons ) when the LPT came out first We're looking to sell up and move on, but am concerned that Revenue are going to come back to us as the house will be selling at a higher level than that initial valuation. I'm doing the online submission for 2019 now, so wondering if i should go with the original valuation or put the current valuation on it.

    Thanks


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    #2
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    The valuation date is May 2013. So for LPT purposes, the valuation is whatever you believe it was in May 2013.

    When you go to sell the house you will have to obtain clearance from Revenue (confirmation that taxes are up to date), if there is a significant difference between the valuation and the selling price, you may need to submit proof to Revenue of how you arrived at your original valuation. If they disagree with your reasoning, they can reassess it and you have to pay the back taxes.

    I've done this before; so long as you have a reasonably sound basis for arriving at the value, they'll approve it.

    https://www.revenue.ie/en/property/local-property-tax/selling-buying-or-transferring-a-property/what-is-revenue-clearance.aspx


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    #3
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,333 Mod ✭✭✭✭Gumbo


    Go by what was declared in 2013.
    When selling, you print out the landing page of your LPT when you log in and this shows that all taxes are paid up. I’ve done it twice this year and both houses (family members) sold for significantly more than the lpt value from 2013.


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    #4
    Misguided1
    Closed Accounts Posts: 215 ✭✭Misguided1


    Did you apply to have the property exempted from LPT due to pyrite? Mine was remediated via the remediation scheme and I had no difficulty getting an exemption due to the presence of pyrite.


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    #5
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    seamus wrote: »
    The valuation date is May 2013. So for LPT purposes, the valuation is whatever you believe it was in May 2013.

    When you go to sell the house you will have to obtain clearance from Revenue (confirmation that taxes are up to date), if there is a significant difference between the valuation and the selling price, you may need to submit proof to Revenue of how you arrived at your original valuation. If they disagree with your reasoning, they can reassess it and you have to pay the back taxes.

    I've done this before; so long as you have a reasonably sound basis for arriving at the value, they'll approve it.

    https://www.revenue.ie/en/property/local-property-tax/selling-buying-or-transferring-a-property/what-is-revenue-clearance.aspx

    If the price you sell at is more than 80% larger than the price used to value for LPT, you may he asked to get a LPT “specific clearance” by the buyer. You get this from your local council. Fingal has a fork in their website too download and print and send with the rationale for orgibinal valuation. They came back in a few days.


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