Thursday, August 9, 2012

Businesses to value own properties in 'fairer' rates laws -

COMMERCIAL rates, long criticised for being unfair, are set for an much-needed overhaul after the Government published new legislation last night which will allow businesses to value their own property.

The Department for Public Expenditure and Reform unveiled the Valuation (Amendment) Bill 2012 to change the system used to collect rates.

The current system is unfair because some businesses are forced to pay high rates because their property was valued at the height of the property boom. Other businesses pay lower rates because their property was valued at different times.

Companies are also often critical of the cumbersome appeals process.

The bill, which must be presented to the Dail, aims to provide up-to-date valuations for individual properties, accelerate the valuation process, minimise exemptions and streamline the appeals procedure, the department said.

"It is an important programme, especially given the changes in rental values following the economic downturn," the department said last night.

"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 bill's new features also include the removal of a step from the appeals process to allow those who want to appeal to the Commissioner of Valuation.

There is also provision for the commissioner to employ additional techniques to assist the production of up-to-date lists of values on which the local authorities can levy rates. These include statistical modelling.

- Thomas Molloy

No comments:

Post a Comment