Dáil Éireann Debate, Thursday - 19 July 2012
244 Deputy Robert Troy asked the Minister for Public Expenditure and Reform when he plans to introduce legislation to amend the Valuations Act in order that a fairer system can be put in place in an attempt to change commercial rates. [36439/12]
View answerIn accordance with the Valuation Act 2001, a national programme is being rolled out progressively for the revaluation of all commercial and industrial properties in the State. The revaluation programme aims to provide up-to-date valuations for individual properties across all economic sectors that are subject to local authority rates. The revaluation process is the mechanism whereby economic changes that take place in the property market are reflected in the valuation lists for rates purposes and in individual ratepayers' rates liabilities. It is an important programme, especially given the significant changes in values and rents following the economic downturn of recent years.
The purpose of a revaluation is to redistribute commercial rates liabilities among ratepayers based on up-to-date values. Following revaluation, there will be a much closer relationship between rental value and commercial rates liability. Even though property values have fallen generally, some ratepayers will gain while others will lose from the process of redistribution but, overall, revaluation results in a fairer distribution of the rates burden.
