Use resources and know rules to avoid hefty fines
WHETHER your house and its garden are south-facing or point in some other direction will have a huge bearing on its valuation, experts said.
But this is just one of many factors that will determine what a home is worth.
Homeowners who decide to self-assess the value of their homes should be aware of several considerations if they want to avoid any penalties, the Society of Chartered Surveyors Ireland (SCSI) said.
Roland O'Connell of the society said any house, apartment or lodge which is habitable and which could be sold separately will be subject to the tax.
The market value of the property must be determined as of May 1 and will form the basis of the annual charge for 2013-2016.
Any home improvement changes or increases in property prices during this period will not affect the liability.
But Mr O'Connell said homes in rural areas are likely to prove more difficult to value than those in urban areas.
The valuation of residential properties is generally done through direct comparison – if an identical house on the same road recently sold for €400,000 then the value of the house will most likely be €400,000.
All sale prices from 2010 are listed on propertyprice-register.ie, the SCSI said.
Other resources included the property portals such as MyHome.ie and Daft.ie.
Value depends on its location, size, layout, condition, garden aspect and decoration.
"It is very unlikely that a home identical to yours will have been recently sold so some analysis with adjustments to reflect the differences in size, location, condition and date of sale will be required," Mr O'Connell said.
There is no strict rule on how to draw comparison from nearby sales.
"It is worth noting that the responsibility still rests with the owner to have a correct valuation," Mr O'Connell said.