Brendan Griffin (Kerry South, Fine Gael)
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Question 68: To ask the Minister for Finance if he will consider amending the 2001 legislation in relation to rate valuation for business so that businesses can apply to have valuations carried out on an individual basis; and if he will make a statement on the matter. [6606/11]

Michael Noonan (Limerick City, Fine Gael)
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I should point out that the Commissioner of Valuation is independent in the exercise of his duties under the Valuation Act, 2001 and that I, as Minister for Finance, have no function in decisions in this regard. The Valuation Act 2001 which came into effect on 2 May 2002, provides that all buildings used or developed for any purpose are rateable unless expressly exempted under Schedule 4 of the Act.

The basis of rateable valuation for all business premises is net annual value (NAV) i.e. the rental value of the premises. Like all commercial property, the valuations of business premises are determined by reference to the values of comparable properties on the same valuation list.

Under section 27 of the Act, an owner/occupier of an individual business premises who has concerns about the valuation of their property or any part thereof, including its rateability or the method of calculation may, on payment of a statutory fee of €250, apply to the Valuation Office for a revision of the valuation. A Revision Officer of the Commissioner is then appointed, who may carry out a revision of valuation in relation to a particular property only if a material change of circumstances (MCC) has occurred since the property was last revised. MCC is defined in section 3 of the Act as a change of circumstances, which consist of a new building, a change in value due to structural alterations of an existing building, total or partial demolition of a building or a sub-division or amalgamation of relevant property. The definition does not allow for a revision of valuation where the change in value is due to economic factors, differential movements in property values or other external factors such as roads or other infrastructural development in the vicinity of a property. The valuation of commercial property is determined by reference to the values of comparable properties on the same valuation list.

I have no plans at present to introduce amendments to the legislation; however, my officials are reviewing various provisions of the Valuation Act 2001 to achieve greater efficiencies, including streamlining the appeal process.