Oireachtas Joint and Select Committees

Wednesday, 23 November 2022

Committee on Budgetary Oversight

Report of the Commission on Taxation and Welfare: Discussion (Resumed)

Mr. Patrick Davitt:

I just want to make one point about valuers like us who do valuations on these lands. If one cannot build, we do what is known as a residual valuation on these lands. In fact, we were looking at a particular piece of land in this House very recently. We were talking about €5 million for it. If the residual valuation is done on that land with the cost of building at the moment, the land will be worth zero, not €5 million at all.