Approval for the publication of the Valuation (Amendment) Bill, 2012
The Government has approved the publication of the Valuation (Amendment) Bill, 2012.
The primary purpose of the Bill is to introduce amendments to the legislation which underpins the rateable valuation system on which commercial rates are collected. The proposed amendments to the Valuation Act 2001 are designed to accelerate the valuation process, to minimise exemptions from rateability and to streamline the appeal procedures available to ratepayers.
As part of the efforts to accelerate the revaluation process the legislation will also provide the legislative basis for carrying out a revaluation based on self-assessment by ratepayers and also for the external delivery of elements of the valuation process.
The revaluation programme aims to provide up-to-date valuations for individual properties across all economic sectors that are subject to local authority rates. It is an important programme, especially given the significant changes in rental values following the economic downturn of recent years. The revaluation process is the mechanism whereby economic changes that take place in the property market are reflected in the valuation lists for rates purposes and in individual ratepayers’ rates liabilities.
The purpose of a revaluation is to redistribute commercial rates liabilities among ratepayers within a rating authority area based on up-to-date values, thus resulting in a fairer distribution of the rates burden. The new features include the removal of a step from the appeals process, while at the same time giving more time for ratepayers to make representation to the Commissioner of Valuation.
There is also provision for the Commissioner to employ various additional techniques to assist the production of up-to-date lists of values on which the local authorities can levy rates. These would include statistical modelling and the use of other computer assisted techniques to produce modern valuations. The proposals will also limit exemptions on certain types of State property. The Bill also provides for a number of technical changes which improve and streamline the valuation system.
3 August, 2012