I am informed by the Revenue Commissioners that a panel of valuation experts has been in place for a number of years for the purposes of Capital Gains Tax and Capital Acquisitions Tax where valuations were challenged by Revenue. As the previous contract recently expired, the Commissioners published an invitation to tender on the etenders website (etenders.gov.ie) on 8 February 2013, in line with standard procurement procedures. In this invitation to tender, the Revenue Commissioners are seeking to establish a multiparty framework agreement comprising suitably qualified and experienced valuers to provide the Commissioners with independent expert advice where valuations of residential property, commercial property and development lands are being challenged by Revenue in connection with certain taxes and duties that they administer. The title of the tender is “Valuations of all Forms of Residential Property, Commercial Property and Development Land”. I am advised that the deadline for responses to the invitation to tender is 5 pm on Wednesday 20 March 2013.
Finally, I am advised by the Commissioners that Local Property Tax (LPT) is a self-assessed tax so in the first instance it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the property. The Revenue Commissioners will not be valuing individual properties for LPT purposes.