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Home price bands out of touch, say sellers

TWO-thirds of all Irish homes are worth less than €150,000, according to the Revenue Commissioners.

BUT the Revenue's scheme for property price bands is way out of touch with sale price reality, say experts.

Homeowners will be shocked at the low estimate on their homes and are now even more confused about the real value, they said.

The price bands have identified that 15.2pc of all homes are less than €100,000, 45.4pc are worth between €100,001 and €150,000 and 22.7pc are rated as between €150,001 and €200,000.

This means that the taxman has put a total of 60.6pc of homes worth less than €150,000 or the vast majority – 83.3pc at less than €200,000.

But estate agents said that this is not a fair reflection of final sale prices.

And they have identified discrepancies using the official Property Price Index.

The property tax guidelines were slammed as being too vague to help people. The calculator has been criticised for implementing a bland view of the property landscape and has not identified the size or additional features of a house that would increase the value.