All fixed property, including land, buildings and other structures, is valued for rating purposes. However the Local Government (Financial Provisions) Act, 1978, derated domestic property and an exemption from rates in respect of agricultural land was introduced following a Supreme Court decision in 1984. Consequently rates are now payable on commercial and industrial property only.
The zoning of lands under the local authority development plans has no bearing on the valuation system for rating and the valuation code does not provide for the alteration or amendment of the valuation of lands when the zoning is upgraded. However when land is developed, whether zoned or not, it becomes liable for review or revision of valuation. Commercial and industrial developments, such as offices, shops, car parks, warehouses, yards and factories are valued and liable for rates on the assessed values.