asked the Minister for Finance what factors determine assessment of valuation on new buildings.
Ceisteanna—Questions. Oral Answers. - Valuation of New Buildings.
14.
It is laid down in section 11, Valuation (Ireland) Act, 1852, that the
Valuation in regard to houses and buildings shall be made upon an Estimate of the net annual Value thereof; that is to say, the Rent for which, One Year with another, the same might in its actual State be reasonably expected to let from Year to Year, the probable average annual Cost of Repairs, Insurance, and other Expenses (if any) necessary to maintain the Hereditament in its actual State and all Rates, Taxes, and public Charges, if any (except Tithe Rentcharge,) being paid by the Tenant.
I am advised by the Commissioner of Valuation that in the assessment of valuation on buildings, new or otherwise, all factors which would have a bearing on the net annual value are taken into account. These include the size, construction, situation, user, and availability of services such as water, sewerage, electricity, gas, etc. Due to appreciation of real property in money terms and to the fact that no general revaluations have been carried out over the past century it is necessary, in order to maintain relativity, to scale down new valuations to fit into the pattern of existing ones.