Tír Na HiFi

Off topic but in relation to the Property Tax: it's actually a self assessment regime, once you follow the revenue guidelines for valuation and pay on time Revenue will not seek to assess your property

Unless you live in a house with a chargeable value in excess of €1m

so not all bad!!

Interesting point Jaybee...

However I thought I read recently that they already know or have a rough idea as to what your property is worth? In addition I hear the value will be fixed for 3 years, is that correct? Also they will place the value within the middle of a band, i.e. 250 to 300 K band will put you at 275 etc.

Things might go in the households favor if the value stays fixed for 3 years in a rising market. However if the band is wide, then even if the market does rise... you could still be in the same band 3 years on.

Any thoughts on this?

I had suspicions that the property valuation could go the way of car valuations for importing, i.e. they have a notional value, not a actual market value. So you could buy a car in NI for 500 quid, but on importing it the revenue say the value of the car is 2K, and then one pays excise + duty on their notional value.

Won't have too long to wait to see what we get valued at anyway, due out in March I believe.

After a quick read of Hi-Fi+ and/or Hi-Fi News, the only conclusion that can be arrived at is that hi-fi is an extremely expensive hobby! A four box dCS digital source for around £60K, any amount of speakers priced around £15K etc. We are promised 'trickle down' technology benefits but it is some trickle down to get a £15K pair of speakers close to £1K. Unlikely to happen......

Adrian wrote:Interesting point Jaybee...

However I thought I read recently that they already know or have a rough idea as to what your property is worth? In addition I hear the value will be fixed for 3 years, is that correct? Also they will place the value within the middle of a band, i.e. 250 to 300 K band will put you at 275 etc.

Things might go in the households favor if the value stays fixed for 3 years in a rising market. However if the band is wide, then even if the market does rise... you could still be in the same band 3 years on.

Any thoughts on this?

I had suspicions that the property valuation could go the way of car valuations for importing, i.e. they have a notional value, not a actual market value. So you could buy a car in NI for 500 quid, but on importing it the revenue say the value of the car is 2K, and then one pays excise + duty on their notional value.

Won't have too long to wait to see what we get valued at anyway, due out in March I believe.

The general consensus appears to be a valuation reasonably based on the property price register...

You're right it is band based...

0-100k then 50k bands up to 1M => values are fixed at

50, 125, 175 etc etc

first valuation date is May 2013, this applies to the half year 2013 and 2014-2016 thereafter the valuation date will be November 2016, the Nov 2019

I think once you don't value your house on vico road at 200,000 the regime will reward compliance with leniency

here's the meat....

Valuation in accordance with Revenue guidelines.
15.— (1) Subject to subsection (2),
where a liable person—
(a) makes a self-assessment in a return which is delivered on or before the relevant return date in accordance with guidelines referred to in subsection (3), and
(b) pays the amount of the self-assessment,
the Revenue Commissioners shall not seek to displace the self-assessment by the making of a Revenue assessment.

(2) Subsection (1) shall not apply in the case of a relevant residential property the chargeable value of which exceeds €1,000,000.

(3) The Revenue Commissioners shall, as soon as may be after the passing of this Act, prepare and publish guidelines in relation to the matter of ascertaining the chargeable value of relevant residential properties.

Further to my last post, what if the £15K speakers are as a result of trickle down?????? This is getting scary. We are used to the notion of negative equity, cars and hi-fi for example. You automatically 'lose' €5K when you drive your new car out of the showroom. Now that negative equity includes houses, more thought has to be given as to how we spend our 'spare' cash.

Rocker wrote: our 'spare' cash.

I've come up with a spreadsheet for spare cash


Income + Lotto - Daughters = €1.01

So enough for a packet of Tayto....

hahahahahah.............. I like the lotto - Daughters joke Jaybee...

Rocker..

Well yes there are crazy prices out there for some high end kit... however don't forget there are lots of options... budget stuff can be had for sub 1000 / component and some of these are truly excellent sounding gear, I mentioned a few of these before... Rotel being just one example. Some DIY'ers can cobble up gear which is based on high end designs, etc.

However different classes of property are difficult to compare, for example cars and luxury items cannot really be compared to houses in the normal sense, unless one is looking at extreme examples i.e. cars with a certain history / pedigree etc.

My understanding of Hi Fi components i.e. amplifiers Turntables is that yes there is a depreciation factor.............. however the condition of the item will have a major bearing... and how many new editions / models have been released since.

Take computers........ if a new intel chip is released every 6 months, (perhaps less) then in 3 years your existing computer is now 6 generations old.

However with some hi fi components, even if the component is 3 years old.. it may have only just been replaced by the new 'improved model' once in the last 6 months etc, or it may still be the current model i.e. Jadis JA 30 amplifiers etc. Hence the depreciation factor is much less.

However one thing is certain.................. the more we spend in our working lives............. the less we will spend in retirement!!