Brian O'Shea (Waterford, Labour)
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Question 187: To ask the Minister for Finance when the revision of valuation of all rateable properties throughout the country, as provided for under the Valuations Act 2001 will be completed; and if he will make a statement on the matter. [40083/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Valuation Act 2001 which came into effect on 2nd May, 2002, provides for the revaluation of all commercial and industrial property. As you will appreciate, the Commissioner of Valuation has sole responsibility for all valuation matters which includes the implementation of the revaluation programme on a nationwide basis as provided for in the Valuation Act 2001.

The revaluation programme began in November 2005 in the South Dublin County Council area and has since been rolled out to the areas covered by Fingal and Dún Laoghaire-Rathdown County Councils. The revaluation of South Dublin was completed in December 2007, Fingal was completed last year and Dún Laoghaire- Rathdown will be completed this year (2010). In the coming months the programme will be rolled out to further local authorities. The necessary process of consultation, as provided for under the Act, is underway in Dublin City and in the local authorities of Waterford, i.e. Waterford City and County Council and Dungarvan Town Council. Preliminary work is also underway on the revaluation of Limerick City.

The purpose of revaluation is to bring more equity, fairness and transparency into the local authority rating system and following completion of the initial national revaluation programme, I am satisfied that there will be a much closer and uniform relationship between rental values of property and their commercial rates liability and that this relationship will thereafter be maintained by means of the recurring revaluations provided for in the Act.

The Commissioner is confident that the national revaluation programme can be delivered in a ten-year period, which accords with relevant provisions of the Act, but is actively reviewing options which might hold potential for delivery within a shorter timeframe.