Finance (Local Property Tax) Act 2012 section 13A

Valuation of properties completed or refurbished after valuation date

Section 13A provides the rules for valuing a building that becomes a residential property between two consecutive valuation dates, such as a newly built or refurbished property.

• A building that becomes a residential property between two valuation dates must still be valued for local property tax purposes.
• The chargeable value is determined by reference to the preceding valuation date, not the date the property actually became residential.
• The value assigned is the notional value the building would have had on the preceding valuation date, assuming it had been a completed residential property at that time.
• This rule applies to newly constructed properties and properties refurbished to a habitable condition that were not previously classified as residential.