Ten Tips for Homeowners and the Local Property Tax
The Society of Chartered Surveyors Ireland has welcomed the decision by the Revenue Commissioners to extend the deadline for returning updated Local Property Tax valuations to 5pm on Wednesday 10th of November. The original deadline had been this Sunday Nov 7th.
TJ Cronin, the President of the SCSI said the extension of both the deadline and opening hours of the Revenue’s helpline would help the approximately 800,000 homeowners who have yet to submit their new valuations.
He added: “Obviously people haven’t had to do this in over 8 years and some people are doing it for the first time so our members are seeing a good deal of anxiety out there. A lot of people had clearly left it to the last minute and were scrambling. The extension should remove a lot of anxiety, but our advice is for people to do it properly and do it asap”
The SCSI has reissued its Ten Tips for homeowners doing their own valuations
- Act now and prepare your submission in good time
- Use the Revenue Commisioners’ Property Valuation Guide at LPT (revenue.ie)
- Check recent sales in your area on the Property Price Register Residential Property Price Register – Home Page
- When studying the PPR make sure you are comparing like with like
- For example overall size, no of rooms, condition, positioning, orientation
- Ask yourself if you would be happy to sell your property at this valuation
- Check how much LPT you will pay at this or other bands at Calculate your Local Property Tax (revenue.ie)
- If you still have concerns, call a chartered surveyor valuer or estate agent
- When you’re happy with the valuation proceed and submit your valuation online via myAccount (ros.ie), LPT (revenue.ie) or in paper form using the LPT1 form before 5pm Wednesday Nov 10th
- Alert family members / neighbours who may not be aware of their obligations
Colin Smyth, a chartered surveyor and estate agent based in Dublin says his office has been extremely busy with valuations over the past month. He says most homeowners just want to get the valuation right first time.
He added: “If most homes in the area are a similar type or there have been a lot of transactions or it’s a recent development, assessing the value and choosing a band can be relatively straightforward. But if it’s not or people are still unsure, they should put in a call to a chartered surveyor or estate agent who will be able to provide them with an accurate LPT value. As well as peace of mind a professional valuation may save you money.”
Due to the increased demand for LPT valuations the SCSI has produced a new guide and template for members to facilitate their work in this area.
If homeowners are getting a professional valuation, they don’t have to submit that report with their valuation, but they would have to hold it on file in case Revenue ask for supporting documentation at a later date.