Simon Harris (Wicklow, Fine Gael) | Oireachtas source

This is a technical amendment. Section 50 of the 2001 Act involves the use of a method of valuation known as the contractor's method, which relies on the notional cost of constructing or providing a property. When employing this method the net annual value equates to 5% of the aggregate costs, depreciated where appropriate, of the property in addition to the site value. This amendment allows for a further adjustment of a valuation which would bring the statutory valuation methodology in line with best practice valuation. The amendment is intended to ensure that values on the valuation list are correct and relative to one another.