Dáil Éireann Debate, Wednesday - 21 November 2012
17. Deputy Mick Wallace asked the Minister for Public Expenditure and Reform the progress that has been made in the revaluation of the commercial rates system; when a review of commercial rates in County Wexford will be carried out; if, once completed, valuation of commercial properties will be based on 2005 rental values; and if he will make a statement on the matter. [51611/12]
View answerIn accordance with the Valuation Act, 2001, which came into force on 2 May, 2002, a national programme, under the direction of the Commissioner of Valuation, is being rolled out progressively for the revaluation of all commercial and industrial properties in the State.
The revaluation programme which has been completed in three County Council areas in Dublin began in November 2005 in the South Dublin County Council area and has since been rolled out to the areas covered by Fingal and Dún Laoghaire-Rathdown County Councils. The revaluation of South Dublin was completed in December 2007, Fingal was completed in 2009 and Dún Laoghaire- Rathdown was completed in 2010. The revaluation of Dublin City Council area began in May 2011 and will be completed in 2013. The Commissioner signed valuation orders for Waterford on 12 December, 2011 and Limerick on 29 March, 2012. The Waterford and Limerick revaluations will be completed in 2013 and 2014 respectively. At that stage, approximately 33% of all rateable properties in the country, representing over 50% of the national valuation base in monetary terms, will have been revalued. It is intended to extend the revaluation programme to further local authority areas as soon as it is practicable to do so but it is not possible at present to say where these areas will be.
Under the Valuation Act, the specified date by reference to which revaluations are carried out, cannot be later than the date of the making of the valuation order. For instance, the Commissioner signed the valuation order for the commencement of the Dublin City revaluation on 5 May, 2011 and the date by reference, to which the value of every relevant property, the subject of the revaluation was 7 April, 2011. In like manner, future revaluations will be carried out in other local authority areas by reference to a date current but not later than the date of the relevant valuation order.
