Valuation of Homes for Property Tax
People all over Ireland will be trying to work out how much their house is worth this month – so they can fill in their Property Tax form . Usually owners are hoping their home is worth a lot – but some people are hoping for a lower valuation when taxes are involved!
The good news is that you only have to put your house into one of 20 valuation bands. See the Property Tax Bands Here .
Unless your house is worth over a Million Euro – you don’t have to give the exact value of the property .
For people who bought their house several years ago – it will be hard to assess the current value with the boom and bust of the property market and the lack of recent sales for comparison.
We thought it might be useful to take a look at the history of property prices in Ireland – so we have pulled together figures from the current CSO Property Price Index the old PTSB/ESRI House Price Index and older figures from the Dept of Finance .
We have come up with a table below – that will give owners a fairly rough guide to the change in the value of their home since the year it was purchased. We do not claim that these figures are 100% accurate. They are for the properties all over the whole country and for all property types. Different property types will have had bigger or smaller changes in value – as will properties in cities and in rural areas.
The figures are based on annual price changes – so the 2013 valuation estimate will not take account of differences between houses bought at different times during a year . Hopefully the figures can be useful as another way of estimating how much your house might be worth .
How to Use the Price Change Estimation Table:
Simply select the row that corresponds to the year that you bought the house and then multiply the purchase price by the figure in the last column .
For example – a house purchased in 2000 for €175000 would be muliplied by 0.86 to arrive at an estimated value in 2013 of €150,500
|Year of Purchase||% Yearly Price Change||Multiplier to Use to Estimate Value in 2013|
NB: If your original purchase price was in Irish Pounds you will need to muliply the answer by 1.27 to convert to Euros . For example – a house bought in 1985 for £40,000 pounds – would be multiplied by 3.55 to get a 2013 estimated value of £142000. To convert this to Euros – multiply by 1.27 to arrive at a figure of €180,340.
Try it out and let us know how you get on and what you think of the values you come up with compared to the Revenue valuation map or recent sales in your area. Have Fun !
Revenue have set up an online valuation guide that shows average values for electoral areas based mainly on sale prices since 2010.
More here about the Revenue Online Map