By Ted Healy of DNG TED HEALY
The property talk over the course of the past week has revolved around the recent announcements relating to property tax.
The Local Property Tax (LPT) is an annual self-assessed tax charged on the market value of all residential properties in Ireland. It came into effect on July 1, 2013 and is collected by the Revenue Commissioners.
Under plans announced at Cabinet this week, homes built after 2013 will now face inclusion in the Local Property Tax.
Up until now the Local Property Tax was levied on property valuations from May 1, 2013. Homes that were built since that date have so far not been liable to the tax as they do not have a valuation dating from then.
This is now about to change which will bring approximately 100,000 homes into the Property Tax net. The new valuation date is to be November of this year with every home in the country liable for the tax by 2022.
It has been reported that 60% of home owners will not be paying any more than they already do, while 10% will see a decrease. It is estimated the change will raise €560 million annually.
Government have advised that from November of this year all homes will be revalued, but it would be done in such a way that it recognises the affordability challenges facing many families. Despite the fact that many properties would have significantly increased in value since 2013, a change in the calculation of band widths will ensure properties do not jump up any more than one value band.
There is also a change to the system that redistributes some of the property tax outside the local authority limits. Currently, 80% of the monies raised are retained in the area, with 20% sent to local authorities. From 2023 it is understood that one hundred percent will be retained in the local authority with central Government making up any shortfall.
There is no need for homeowners to do anything just yet as Revenue have advised they will contact homeowners directly once the changes have been passed into law.
What is an Engineering Statutory Inspection?
By John Healy of Healy Insurances Equipment owners and managers can typically have a diverse, complex and large number of plant and equipment types under their direct control and or supervision. With this comes the legal responsibility to ensure it is safe and that the necessary Health and Safety requirements are being satisfied. An Engineering […]
By John Healy of Healy Insurances
Equipment owners and managers can typically have a diverse, complex and large number of plant and equipment types under their direct control and or supervision.
With this comes the legal responsibility to ensure it is safe and that the necessary Health and Safety requirements are being satisfied.
An Engineering policy will ensure that you satisfy the requirements of the Health, Safety & Welfare at Work legislation. Here is a brief outline of some of the most common plant and machinery that falls under this legislation.
* Forklifts and teleporters should be inspected and certified every 12 months
* Vehicle lifting tables should be inspected and certified every 12 months.
* Lifting plant such as hoists and goods/passenger lifts have an examination frequency of six months. Other machinery which are not lifting machines but have a lifting function, for example manual pallet trucks, excavators etc also require inspection under the health and safety acts.
* Steam boilers, steam receivers and air receivers should be inspected and certified every 26 months. Hot water boilers and café boilers should be examined every 12 months.
As you can see there are many sectors that are impacted by this legislation from construction and manufacturing to the hospitality industry, agri sector and motor industry. It should be emphasised that if there is an accident involving an item of plant an up to date certificate will be requested by both the Health and Safety Authority (HSA) and the liability insurers. It is also vital to say that routine servicing of plant and machinery does not replace the legal requirement to hold up to date certification.
There are a wider range of insurers and inspectors who offer this service. It is crucial to get the best possible professional advice as policy wordings and covers can differ greatly.
What to look out for when viewing second hand homes
By Ted Healy of DNG TED HEALY After spending so long saving for a mortgage and filling in countless application forms, you are now ready to begin your house hunting in earnest. Set yourself a budget and have a look to see what is available in your desired locations within that budget. Viewing appointments can […]
By Ted Healy of DNG TED HEALY
After spending so long saving for a mortgage and filling in countless application forms, you are now ready to begin your house hunting in earnest.
Set yourself a budget and have a look to see what is available in your desired locations within that budget.
Viewing appointments can be arranged via a telephone call or a simple email to the selling agent. When making the appointment make it clear that the mortgage is in place and you are ‘ready to go’.
This week we will deal with viewing second hand homes and what to look out for on that first property viewing.
When you arrive at a house, you’ll get a general feel outside of how well it’s been maintained. Arrive early and study the exterior of the property before going in, and have a glance at neighbouring properties. This will help you to get your bearings before continuing with the viewing.
If viewing an older house, a musty smell is the first red flag for signs of damp. Also be wary of the smell of fresh paint; was this done to simply freshen the property up or what is it covering up? Is paintwork bubbling or flaking?
Take note of any wall cracking; hairline cracks in walls and ceilings are generally fine, but if you can spot a crack from the other side of the room, then it’s probably big enough to be concerned about.
In older houses, take a good look at windows and roofs. Window frames can slope downward if there are poor ground conditions underneath, and the roof of the house can sag in too.
Is there room to extend? If you are lucky enough that there is have a look for external manhole covers; it gives a good indication of the drainage and pipe layout which may complicate a future extension.
Don’t be afraid to ask the nosy questions; why is the house for sale? How long has it been on the market? How long have the current owners resided there? Has the house been rented out frequently? How many times has it changed hands in the last decade? Have there been any refurbishments? Has it been rewired/replumbed? Who are the neighbours? What is included in the selling price?
It is a good idea to take photos (with the agents consent) or videos as this will help you remember the property after you have returned home.
And finally, don’t be afraid to ask for more time. Spend as much time as you think you need to and don’t hesitate to request a second viewing.
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