A programme to revalue all commercial property in Ireland has begun following the signing of a valuation order for South Dublin County Council by the Commissioner of Valuation, Gilbert Storrs.
The Valuation Office is the State property valuation agency. It says the last valuation of all property in Ireland was done between 1852 and 1865. More recently it has been the practice to set the valuation on a property by reference to 1988 rental values.
The office says the revaluation is aimed at bringing more fairness and transparency into the local authority rating system. It says that after revaluation, there will be a much closer relationship between the current rental values of property and their commercial rates liability.
'Property values have shifted significantly in recent times and a revaluation is necessary to ensure that all ratepayers pay a fair share of the commercial rates to be raised,' the office says.
The valuation of a property is based on its annual rental value at the date of valuation. This is multiplied by the annual rate on valuation (ARV) to give the amount of commercial rates payable per annum. The ARV is set each year by each local authority.
The Valuation Office says revaluation will not increase the total amount of commercial rates collected by South Dublin County Council or any other local authority, as the commercial rates income of the local authority will be capped in the year following a revaluation.
