Saturday 17 March 2018

Valuing houses proving difficult

Donal Buckley

Home owners who are worried about how the Revenue Commissioners will deal with lower values than Revenue suggested for their property tax, may take some consolation from the problems that are emerging about valuing houses.

Look at how the experts in the Society of Chartered Surveyors Ireland (SCSI) dispute the latest house price trends from the Central Statistics Office.

Simon Stokes, chairman of the Residential Property Group of the SCSI said: "While all of the data on the property market is helpful, the average property price increases and decreases are not fully representative of all of the transactions in the market and therefore cannot provide a full and current assessment of property prices."

In addition a recent survey of home owners shows that most of them disagree with the valuations that the Revenue Commissioners put on their properties.

The AA Home Insurance survey found 40pc of the 2,800 people surveyed believed the value of their property had been overestimated by the Revenue Commissioners while 15pc felt their home had been undervalued.

Less than half, 42pc, felt the valuation was correct.

Some 13pc said their home had been overvalued by more than one tax band and the extent of the perceived overvaluation was at its highest in Dublin.

In a recent presentation to the Institute of Professional Auctioneers and Valuers, representatives of Revenue conceded that their guidance figures for valuations are not written in stone and it is up to the householder themselves to ensure that the valuations are accurate.

This may provide some further consolation for those who based their property tax returns on lower values than those suggested by either the Revenue Commissioners or indeed Daft's helpful property price calculator.

Irish Independent

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