Selling, buying or transferring a property
You are buying a property from a local authority
Local authorities were allowed to value all of their residential properties in valuation band 1, 'zero to €100,000', as of 1 May 2013.
What happens if I buy a property from a local authority?
If you buy a property from a local authority:
- the buyer may assume that the local authority declared a reasonable market value for the property
- a buyer may accept the band 1 valuation declared by the Local Authority regardless of the sale price
- no additional LPT is due by the Local Authority if the sale price is greater than €100,000
- the buyer can continue to pay LPT based on this valuation until the next valuation date (1 November 2020)
- no general or specific clearance is required from Revenue.