The President of ICMSA, John Comer, has confirmed that his Association has written to the Revenue Commissioners outlining the need for the “inherent limitations” of farm dwellings to be recognised when that body is fixing the ‘indicative value’ of family houses located on working farms.
At a meeting in Leinster House with Minister Hogan, Mr Comer pointed out that it will be next to impossible to establish the value of houses in rural areas where there is little or no recent sales data available. He was also adamant in pointing out that in arriving at the value of the dwelling on a farm, account must be taken of the special nature of the farm dwelling.
Essentially, a farm dwelling will have restricted value arising from access issues and nuisance factors such as proximity to farm buildings and the possibility of odours. Mr. Comer stated that these nuisance factors are considerable and inherent and that Revenue must take these into account in recognising the value of a farm dwelling.
The ICMSA President stated that while owners will still be able to self-assess, the reality is that if they deviate from the estimate provided by Revenue then they face the prospect of audits and challenges.
Therefore he stated it is crucial that Revenue provide a realistic value that recognizes the special position and inherent limitations on the values of farm dwellings right at the outset in order to avoid any further anxiety and expense for homeowners.