Mattie McGrath (Tipperary South, Independent)
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Question 144: To ask the Minister for Finance his views on the possibility of amending the Valuation Act 2001, to include the bypassing of a property as a material change of circumstances in section 3 of the Act [36602/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Valuation Act 2001 provides for the valuation of all commercial and industrial property and the Commissioner of Valuation is independent in the performance of his functions under the Act and the making of valuations for rating is his sole prerogative. Under section 28 (4) of the Act, a Revision Officer of the Commissioner may carry out a revision of valuation in relation to a particular property only if a material change of circumstances (MCC) has occurred since the property was last revised. MCC is defined in section 3 of the Act as a change of circumstances, which consist of a new building, a change in value due to structural alterations of an existing building, total or partial demolition of a building or a sub-division or amalgamation of relevant property. The definition does not allow for a revision of valuation where the change in value is due to economic factors, differential movements in property values or other external factors such as roads or other infrastructural development in the vicinity of a property. The valuation of commercial property is determined by reference to the values of comparable properties on the same valuation list.

I have no plans at present to introduce amendments to the legislation; however, my officials are reviewing various provisions of the Valuation Act 2001 to achieve greater efficiencies, including streamlining the appeal process and I will ask them to include this issue in their deliberations.