Irish Independent:Using rental return to guage LPT

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I’m confused about the property tax valuation on my investment property. It cost €240,000 in 2006 and I was told I could expect to make over 8pc of the purchase price annually in rental income once I had renovated. Since then, rent has fallen considerably and I’m getting just under €11,000 per annum. Is the rental yield still a good measure of value?

http://www.independent.ie/lifestyle/property-homes/can-i-use-rental-return-to-gauge-house-value-for-property-tax-29255591.html