commercial property lambert smith hampton

Viewpoint - 19/11/2012

Ireland paves the way

Business rates need to keep pace with relative changes between locations and property sectors. The UK government’s decision to delay the revaluation in England by two years is doing the opposite. A redistribution of rates, and a shifting of the burden, is urgently required.

Find out more

In Ireland, the government has grasped the nettle and a general revaluation is taking place.

Distributing liability more equitably

In Ireland, valuations are currently based on rental evidence from November 1988. The Valuation Act 2001, however, provides for a full revaluation of Ireland’s commercial and industrial property. Its purpose is to distribute the burden of rates more equitably between ratepayers.

A national programme commenced in 2005, with three of the four Dublin authority areas (South Dublin, Fingal and Dún Laoghaire-Rathdown County Council) already complete. Revaluation is underway at Dublin City Council (DCC), and work began last March to prepare for the Limerick and Waterford area revaluations.

In November, 23,000 valuation certificates are being delivered to DCC occupiers. Each will state a proposed valuation as of 7 April 2011, and will underpin rate liability from 2014 onwards. This time, the revaluation will succeed and occupiers have the opportunity to make their representations within 28 days of certification.

For advice on valuation appeals, ratepayers should contact our rating team in Dublin.

This article is part of the autumn 2012 edition of Rating in Brief. You can download a PDF here.