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If you are the owner of a residential property on 1 November 2021, you are liable for LPT and so, you should begin to consider the value of your property.
This is a self-determined tax based off the market value of your residential property.
The value of your property on 1 November 2021 will determine the LPT that you will pay annually until the year 2025. It is important that you value your property with due care.
You can determine the value of your property in the following ways:
The Property Price Register is available on the Property Services Regulatory Authority website under the heading ‘Registers’.
The Register lists the address, date of sale and price of all residential properties purchased after January 1, 2010.
You can compare the price of your property against those in your area which are currently for sale for guidance on what the value of your own property may be.
The current asking price of a property on your street with similar features is a strong indication of the value of your property at that date.
Revenue have created an online valuation tool for you to value your property at home. This is done by entering the address or the Eircode, or by selecting the area in which your property is located to determine the valuation band which your property is in. This will give an indication into the value of your property.
It may be useful to chat among your neighbours to determine the valuation band under which your properties fall under. Your neighbour’s property is likely to have a similar construction to your own, it will be located in the same area, and they will be valuing their property for the LPT under similar economic circumstances. It is likely that the value of your properties will be similar.
It is important to note that Revenue understands these tools do not include the use of a professional valuer and so, they do not require an exact market value of your property. They seek a realistic value taking into consideration all relevant details that can justify the figure.
You must submit your LPT Return before 7 November 2021.
For more information on valuing your property, check this out –
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