The position regarding the valuation legislation is that it is proposed to radically overhaul the valuation system which has been in place since the middle of the last century. The Government has given approval for the preparation of legislation which will: modernise the valuation code; enable a revaluation of all rateable property to be carried out; and make the system more transparent to ratepayers and rating authorities.
In preparation for the introduction of this new legislation an interdepartmental committee comprising representatives of the then Department of the Environment and Local Government and the Department of Finance, as well as the valuation office was established. This committee reviewed the valuation system in detail and reported to the then Minister for Finance in 1995. The report of the interdepartmental committee provided the basis for the proposed valuation legislation.