Vol. 457 No. 1
78 Mr. Penrose asked the Minister for Finance the proposals, if any, he has to amend the Valuation Acts to ensure that where improvements are carried out to small businesses; there is a fixed period allowed for remission of rates on such businesses, rather than the current position whereby such businesses are immediately revalued upwards on the basis of such improvements; and if he will make a statement on the matter. [15021/95]
The basis of rateable valuation is the net annual value (NAV) i.e. the rental value of a property. Improvements to a property or a change in use may increase the rental value and under the Valuation Acts must be taken into account in assessing the rateable valuation. Any rateable valuations revised in these circumstances become effective in the rating year immediately after the year in which the Commissioner of Valuation issues the revised valuation. Any rate-payer dissatisfied with a valuation assessment has a right of appeal to the Commissioner of Valuation in the first instance and, subsequently, to the independent Valuation Tribunal. There is a further right of appeal to the High Court and, ultimately, to the Supreme Court on a point of law. It is not proposed to change these arrangements.
