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What is commercial revaluation?
Revaluations are designed to produce up-to-date valuations of commercial and industrial properties for commercial rates purposes. They are being carried out in each local authority area using rental values on a specific date.
How often does this occur?
The first National Revaluation Programme in over 150 years has yet to conclude. Once it is completed the assessment has to take place again every five to 10 years.
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What areas have been revalued?
So far revaluation has been completed in Dublin City Council, Fingal, Dun Laoghaire-Rathdown, South Dublin, Limerick city and county, and Waterford city and county rating authority areas.
The next stage of the programme takes in Carlow, Kildare, Kilkenny, Leitrim, Longford, Offaly, Roscommon, Sligo, and Westmeath county councils. Also, South Dublin is undergoing a second revaluation.
How is it assessed?
A number of valuation methods are used by the Valuation Office to assess a property’s net annual value. However, the most common method is direct comparison with annual rental values of similar properties in the area.
Other classes of properties such as pubs, hotels and service stations are valued by using trading data for the property.
What if the business owner disagrees with the valuation?
Business owners can make representations within 40 days from the date of issue of the proposed valuation certificate. Following consideration of the representations, the Valuation Office will send a final valuation certificate. This will be the basis for the commercial rates charged. There is a right of appeal to the Valuation Tribunal, an independent body. While a Valuation Tribunal decision is final in relation to the valuation amount, there is a further right of appeal to the High Court on a point of law.
How are rates assessed?
The valuation of a property is based on its annual rental value at the date of valuation. This is then multiplied by the annual rate on valuation (ARV) to give the amount of commercial rates payable each year. The ARV is set every year by local authorities.
Will the local authority get more in rates from the revaluation?
No. The Valuation Office says the purpose of revaluation is to redistribute the commercial rates liability more fairly between ratepayers rather than to increase the total amount of commercial rates collected by a local authority.
Under the Valuation Act 2001, as amended by the Valuation (Amendment) Act 2015, the commercial rates income of the local authority is capped in the year following a revaluation. Any increase is limited to the rate of inflation.
How do businesses query a revaluation?
By contacting 01-8171033, LoCall 1890 531431 or by email to Reval2017@valoff.ie.