The Chairperson of the ICMSA’s Taxation Committee, Lorcan McCabe, has expressed his organisation’s concern at the announcement that the Office of the Revenue Commissioners will be providing an “indicative value” on every house in the country so that they can establish how much property tax owners should pay.
Mr McCabe confirmed that ICMSA have written to the Revenue Commissioners outlining the need for a realistic valuation of homes and, most particularly, for farm dwellings. He stated that it will be next to impossible to establish the value of houses in rural areas where there is little or no recent sales data available. He also stated that in arriving at the value of the dwelling on a farm, account must be taken of the special nature of the farm dwelling. Essentially, a farm dwelling will have restricted value arising from access issues and nuisance factors such as proximity to farm buildings and the possibility of odours.
The ICMSA spokesperson stated that these nuisance factors are considerable and inherent and that Revenue must take these into account in providing an “indicative value” of the value of a farm dwelling.
He said that while owners will still be able to self-assess, the reality is that if they deviate from the estimate provided by Revenue then they face the prospect of audits and challenges. Therefore he stated it is crucial that Revenue provide a realistic value that recognizes the special position and inherent limitations on the values of farm dwellings right at the outset in order to avoid any further anxiety and expense for homeowners.