Broker: Revenue obliged to accept self-assessed house valuation

Homeowners are being urged to respond to the Revenue Commissioners immediately with a counter-valuation for the Property Tax.

It emerged today that letters will be sent out in March with an estimate of the amount of tax due.

If homeowners do not self-assess the value of their homes the Revenue estimate will become payable by default.

Karl Deeter of Irish Mortgage Brokers said if people do self-assess, then Revenue is obliged to accept it.

However he is warning that those who undervalue their homes will be caught out.

Mr Deeter said: "The process is that your counter-valuation will automatically knock out the default one, so they will accept it, they are not going to argue about it.

"However, they will audit, so if you live in a housing estate and every house is worth €130,000, and you suddenly put in that yours is worth €50,000, chances are you are going to get caught. And when you do, you will face the normal process of getting shafted, and so you should."