Written answers

Tuesday, 6 July 2010

10:00 am

Photo of Dan NevilleDan Neville (Limerick West, Fine Gael)
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Question 146: To ask the Minister for Finance if he will confirm that the Valuation Office calculate the rateable valuation in proportion to the rateable value of the property; if this is the case if he will explain the way valuations could be adjusted in light of the reduction in rent now occurring. [29537/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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The responsibility for assessing the Rateable Valuations of properties rests with the Commissioner of Valuation under the Valuation Act, 2001. There are two provisions in the legislation governing the assessment of valuations, i.e. revision and revaluation. Revision of valuation is the mechanism used to maintain existing local authority valuations lists. It is used to add new properties to the list, to amend the valuations of altered properties and to remove demolished or defunct properties from the list. The valuations of commercial properties at revision are determined by reference to the values of comparable properties on the same valuation list. That is to say that they are compared with similar type properties in the same local authority area to ensure, in so far as it is possible, that they are all treated equally. Therefore rising or falling property values have no impact on valuations determined at revision.

In a revaluation the entire valuation list for a local authority is brought up-to-date by reference to values at a specific valuation date and the entire list is published on one date (usually 31 December) and comes into effect on 1 January the following year. To-date revaluations have been completed in South Dublin and Fingal County Councils and the revaluation of Dun Laoighaire County Council in nearing completion. The Commissioner of Valuation is responsible for the administration of the Valuation Act and is independent in the exercise of his duties under the act and I as Minister for Finance have no function in decisions in this regard.

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