Liz McManus
Question:40 Ms McManus asked the Minister for Finance if, in view of the losses to local authorities as a result of decisions made by the Valuation Office, he intends to tackle this issue; and if he will make a statement on the matter.
Written Answers. - Rateable Valuations.
Under the Valuation Acts, the Commissioner of Valuation is required to assess the rateable valuations of properties and in this role he enjoys statutory independence. It is the responsibility of the commissioner to ensure that rateable valuations conform to the requirements of the valuation legislation, and it is not open to the Minister for Finance to change any of the commissioner's individual decisions in this regard. However, it is open to an aggrieved party, whether it is the ratepayer or the local authority, to appeal any of the revisions carried out by the Valuation Office. The appeal is to the Commissioner of Valuation in the first instance, and then, if so desired, to the Valuation Tribunal.
The basis of rateable valuation is the net annual value of the property. As the net annual value refers to the rental value of a property, substantial changes in the rateable valuation of individual properties may occur. These changes essentially reflect the operations of the property market including such powerful influences as the development and decline of parts of cities and towns and outflows of demand and development to adjoining areas, the rates remission incentive in the urban renewal areas and boundary charges. Because many commercial properties have not had their valuations revised in a considerable time, the need for such valuations to conform with the statutory requirement for uniformity can have the effect of significant increases and decreases in rateable valuations.
The total effective rateable valuation base for the country as a whole, i.e. the valuation base on which rates are actually levied, when account is taken of reliefs and exemptions, has continued to rise: the effective 1991 valuation base of £8,830,218 represents an increase of 1.3 per cent over the effective 1990 valuation base of £8,711,504; the effective 1992 valuation base of £9,183,686 represents an increase of 4 per cent over the effective 1991 valuation base.
The operation of the valuation system is kept under regular review by the Commissioner of Valuation and the Department of Finance.