Ms Carol O'Farrell:

In hearing an appeal before the Valuation Tribunal the key objective is to ensure that whatever valuation was determined is correct and achieves equity and uniformity with the valuations of other similar properties in the particular rating authority area. Essentially, the basis for a determination of value is set out in section 48 of the Act. That section requires that the value be determined by estimating the net annual value. The net annual value is the rent a tenant would be willing to pay on the property, with the tenant bearing all of the expenses such as insurance and maintenance costs. The test is set out in statue and the function of the tribunal is to apply it. In the context of the valuation list for a particular rating authority area, the test is to ensure the value determined for a property is relative to that of comparable properties at that location.