RORY LAVELLE Chairman, Valuation Professional Group RICS Registered Valuer

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1 RORY LAVELLE Chairman, Valuation Professional Group RICS Registered Valuer

2 PURPOSE Set out best practice for SCSI Members in dealing with requests for valuations under the Finance (Local Property Tax) Act Remind Members of their obligations. Does the Red Book apply? Offer some advice on dealing with these requests.

3 FINANCE (LOCAL PROPERTY TAX) Definition of Chargeable Value chargeable value, in relation to a relevant residential property, means the price which the unencumbered fee simple of the property may reasonable be expected to fetch on the same in the open market were that property to be sold on the valuation date, in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the property with the benefit of any easement necessary to afford the same access to the property as would have existed prior to the sale.

4 Revenue Guidelines What does a Residential Property mean for LPT Any building (or part of a building) which is used as, or is suitable for use as, a residence and includes any yard, gardens, driveways or other land associated with the property up to one acre in size. It also includes any other building or other structures that belong with the residence such as garages and sheds.

5 COMMENT Definition The Act is the chargeable value for the unencumbered fee simple this is not the same definition as market value, however we consider it should not differ substantially except in a minority of cases e.g. building on Grafton Street being used for residential purposes and the higher value would be for retail. The value is for the highest possible use not the existing use. Revenue to issue guidance on outbuildings. Definition ignores title defects and assumes easements. Do we ignore planning defects?

6 Does the Red Book Apply? There is an exclusion in the Red Book where a valuer is performing a statutory function or has to comply with prescribed statutory or legal procedures. Reference to preparation of lists of values that provide a basis for local or national property taxation e.g. property tax.

7 Does the Red Book Apply? Note the Revenue do not see this as a list system as exists in other jurisdictions e.g. Northern Ireland but on an individual value basis. Definition in the Act of chargeable value is different from market value as defined in the Red Book and as such would not be practical to follow the standards.

8 Departures The Red Book provides special circumstances where the mandatory application of the valuation standards maybe inappropriate or impractical..... Where a valuer has departed from the standards a clear statement to that effect must be included in the terms of engagement and the report. On the whole we consider that property tax valuations are the subject of a statutory procedure where it would not be practical to follow the standard.

9 Departures We have to emphasis that it is good practice to comply with the standards where possible and appropriate. Where there is a departure we should remember that the Rules of Conduct still apply including the all important: - need to confirm terms of engagement in writing and - need to disclose potential conflicts. Valuations should arms length just because Red Book does not apply it does not mean you can or you should do valuations on the back of a beer mat!

10 FORM OF VALUATION The Society considers that the taxpayer should have confidence in the professional they select to undertake the valuation for property tax purposes. For values greater than 1m a precise figure must be included and the recommendations below may not apply. It is likely a more detailed valuation will be necessary. With this in mind, for sub 1m, there are 3 possible forms a valuation could take: - Desktop - Driveby - Site Visit.

11 DESKTOP VALUATION Where you are familiar with the property for example by way of having sold or valued it in the recent past it maybe more efficient (less costly) to work off your file, or if the house is a standard property and you are happy doing it on a desktop basis.

12 DRIVEBY VALUATIONS Where you are unfamiliar with the property but it is standard in terms of measurement and layout (e.g. typical 3 bed semi estate house), or where you have to refresh your memory a driveby maybe sufficient.

13 SITE VISIT Where you have not had dealings with the property previously or where it is non standard a site visit maybe necessary.

14 Terms of Engagement The precise terms of engagement you issue will be influenced by which of the types of valuation stated above that you use and you have to agree them with your client. Fees are completely up to yourself The Society cannot give guidance on that.

15 Minimum Contents of a Report Sub 1m Chargeable bands will apply for valuations under 1m. Minimum contents of report (Template on next slide) this is a suggestion only and at the very least would form an important record on your file. Just to emphasise chargeable value for the vast majority of cases should not differ from market value e.g. 3 bed semi.

16 Chargeable Bands

17 REPORT PROPERTY REPORT PROFORMA Location Map & Photo Photo Map Brief Location Brief Description Site Size and Building Area Valuation Approach Comparable Method Comparable Evidence Chargeable Value Band

18 Finally Finally we understand if valuations are significantly out of sync the Revenue will question them, by following best practice you are giving your client the knowledge that should a valuation be questioned there is a documented logical valuation on file.

19 Dating back to 1895, the Society of Chartered Surveyors Ireland is the independent professional body for Chartered Surveyors working and practicing in Ireland. Working in partnership with RICS, the pre-eminent Chartered professional body for the construction, land and property sectors around the world, the Society and RICS act in the public interest: setting and maintaining the highest standards of competence and integrity among the profession; and providing impartial, authoritative advice on key issues for business, society and governments worldwide. Advancing standards in construction, land and property, the Chartered Surveyor professional qualification is the world s leading qualification when it comes to professional standards. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining the Chartered Surveyor qualification is the recognised mark of property professionalism. Society of Chartered Surveyors Ireland 38 Merrion Square, Dublin 2, Ireland Tel: (0) Members of the profession are typically employed in the construction, land and property markets through private practice, in central and local government, in state agencies, in academic institutions, in business organisations and in non-governmental organisations. Members services are diverse and can include offering strategic advice on the economics, valuation, law, technology, finance and management in all aspects of the construction, land and property industry. All aspects of the profession, from education through to qualification and the continuing maintenance of the highest professional standards are regulated and overseen through the partnership of the Society of Chartered Surveyors Ireland and RICS, in the public interest. This valuable partnership with RICS enables access to a worldwide network of research, experience and advice.

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