Padraig Hyde & Sons,
Auctioneers, Valuers & Estate Agents,
Property Management & Maintenance Services.
117 North Main Street, Youghal, Co. Cork.
TEL: 0818 555 700
 024 - 91355
Email: info@hydeproperty.com

The PPR and the Property Tax

{ Posted on May 06 2013 by admin }
Categories : General

Whilst the property price register is a useful tool for those attempting to accurately value their own homes, its limitations need to be understood also. In existence over three years now, the register simply provides a date, address and transaction price for every property transacted in the State.

Undoubtedly, a large number of people will have referenced the property price register recently due to the advent of the controversial property tax. With the tax levied on the value of a house and even penalising those too poor to pay, there are legitimate questions to be asked of the property tax and those responsible for implementing it.

However, there are twenty property tax bands resulting in property taxes from €90 to €1,800 plus per year with property value bands rising in stages of €50,000 aside from the first and last bands. With Revenue having recently issued grossly misleading property tax estimates in many cases, hard pressed homeowners should ensure they place their property in the correct band to avoid overpaying the contentious tax.

If consulting the property price register, it is important to keep a few things in mind. For instance, houses in the same estate can have differing prices listed based on their state of repair when transacted. Or, if calculating an average for a particular house type (a three bed semi for example), a preponderance of properties listed in one estate will have a larger impact on the average than an even distribution of houses throughout the locality.

Taking out own area of Youghal, a simple analysis of the property price register provides us with a glimpse of the housing market. In 2010 for example, the average price listed for the Youghal area was €158,000 with 36 properties listed as transacted. This average falls to €156,600 in 2011 with 32 properties transacted and in 2012, fell sharply to €118,000 with 38 properties listed. Again, these averages can be easily affected by the type and weighting of properties listed.

In 2010, 17% of properties listed on the property price register were apartments. This rises to 19% in 2011 and 24% in 2012, reflecting the off-loading of holiday and investment properties by their owners.

Price wise, the number of properties listed as transacted for under €150,000 in 2010 was 58%, rising to 60% in 2011 and jumping to 79% in 2012. This is a reflection of the price falls that have taken place over the last number of years coupled with more activity at the lower end of the market recently such as first time buyers or holiday home seekers.

At the other end of the scale, there was no property listed as transacted for over €300,000 in all of 2012, with just three listed in 2011 (9% of the total) and just one in 2010 (2.7% of the total). Again, this is a reflection of the marketplace – huge price falls over the last number of years have seen the number of properties valued at over €300,000 decline considerably whilst activity at this end of the market remains more subdued than in lower price brackets.

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