Tips for appraising your home before the deadline
The Society of Chartered Surveyors Ireland (SCSI) said its members are seeing increased demand for property inspections from homeowners ahead of the deadline for returning updated local property tax (LPT) assessments to the Revenue Commissioners on November 7. .
Colin Smyth, a Dublin-based chartered surveyor and real estate agent, said his office has been “extremely busy” with appraisals over the past month, and most homeowners “just want to get a proper appraisal right the first time” .
“Property taxes are probably more emotional than other types of taxes and people can become worried about it,” he said. “They want to make sure their tax affairs are in order and don’t really want to engage with Revenue.”
If you are doing your own assessment, SCSI advises owners to:
• Act now and prepare your submission on time
• Use the Guide to the valuation of the properties of income commissioners which provides an estimated average valuation range for residential properties in each area.
• Check recent sales in your area on the Residential Property Price Register
• When you study the register, make sure you compare similar items – for example, overall size, number of pieces, condition, positioning, orientation
• Ask yourself if you would be happy to sell your property at this appraisal
• Check the amount of LPT you will pay for this group or others by visiting the Revenue’s Calculate your local property tax
• If you still have concerns, call an expert or a real estate agent.
• When you are satisfied with the review, go ahead and submit your review online through myAccount (ros.ie), LPT (income.ie), or in paper form via the LPT1 form before November 7
“If most of the homes in the area are of a similar type or if there have been a lot of transactions or if it is a recent development, assessing the value and choosing a group can be relatively straightforward, ”Mr. Smyth said.
“But if they don’t, or if people are still not sure, they should call a chartered surveyor or real estate agent who will be able to provide them with an accurate appraisal.
“Along with peace of mind, a professional appraisal can save you money. We had one case where it was suggested that the property should be in Band 17, when market evidence suggests Band 13 may be more suitable, ”Mr. Smyth said.
SCSI President TJ Cronin said the key point for owners is to avoid building up problems for the future.
“While we are also seeing an increased demand for appraisals in Cork, like in Dublin, this tends to be for the more expensive properties,” he said.
“While some people may be tempted to go for a lower bracket to save money here and now, this decision can lead to complications if or when the property is put up for sale later.
“Due to the growing demand for LPT assessments, the Society of Chartered Surveyors Ireland has produced a new guide and template for members to facilitate their work in this area.
“If you get a professional appraisal, you are not required to submit this report with your appraisal, but you will need to keep it on file in case Revenue requests any supporting documents at a later date,” he added. .