Vol. 439 No. 7
17 Mr. Molloy asked the Minister for Finance his views on whether the current valuation list reflects the change in economic structure since Griffith's Valuation of 1982 as demonstrated by examining the current rental values and net annual values; the proposals, if any, he has to alter the use of these valuations as a means of determining the proportions local authorities contribute to county councils; and if he will make a statement on the matter.
The basis of rateable valuation of commercial property is net annual value, that is, the rental value of the property. Accordingly, new rateable valuations and revisions of existing valuations reflect the operations of the property market and changes in general economic conditions.
The Valuation Acts provided mechanisms which allow rateable valuations to reflect changes in rental levels. The continuous revision cycle is available on an ongoing basis to local authorities and ratepayers to adjust valuations of individual properties. Statutory provision has been made for adjusting such valuations in order to maintain a reasonable relationship with the valuation of similar properties made previously. Approximately 15,000 such revisions are processed each year. An aggrieved ratepayer has the option of appealing a valuation, in the first instance to the Commissioner of Valuation, and, in the second instance, to the Valuation Tribunal.
There are no proposals to change the net annual value basis of valuation.
