What was the property worth then? A properly evidenced valuation as at a specific past date, for tax, legal and accounting purposes.
A historic (or retrospective), valuation establishes what a property was worth at a defined date in the past rather than today. It is a distinct discipline: today's market is irrelevant, and the valuer has to reconstruct the market as it stood, using only evidence that existed at or around the relevant date.
Ireland's property market has moved dramatically over the last two decades. The gap between what a house was worth in 2007, in 2012 and today can be enormous, so the date is not a detail. It is the entire question.
We assemble comparable evidence from the market as it stood at the valuation date, recorded transactions, published data and, where the date predates the Property Price Register, other contemporaneous sources. We then assess the subject property as it stood at that date, allowing for its condition and configuration at the time rather than as it is now.
Retrospective valuations attract scrutiny from Revenue more often than current ones, for obvious reasons. That is exactly why the evidence trail matters more here than anywhere else, and why our reports set the full trail out.
We routinely value back to the 1990s and, where sufficient evidence is available, considerably further, including the 1974 CGT rebasing date. Tell us the date you need and we will tell you honestly what evidence exists for it.
Usually yes, because the current property informs our understanding of what was there before. Where access is impossible, we can prepare a desktop valuation from documentary evidence. We will tell you at the outset whether that is appropriate in your case and what its limitations are.
A valuation from a qualified, accredited valuer that documents its evidence and methodology is the appropriate way to support a return. We cannot speak for Revenue in any individual case, but a well-evidenced report is far easier to stand over than an unsupported figure.
Tell us the property and the date. Email hello@jwl.ie.
Or email hello@jwl.ie