There was much media hype on the publication of the Revenue’s guide to property values. However, the new Local Property Tax (LPT) is, like most other taxes, self-assessed. The Revenue does not provide individual valuations. The letters to be sent will have tax estimates but these can be replaced by the taxpayer on filing returns based on their own valuations. Many things affect the value of individual properties but the Revenue’s guidance was limited to:
- Type of property, e.g. detached, semi-detached, apartment etc.
- Age of the property; e.r; built before or after 2000
- Average price of the type of property in the general area.