Jackie Cahill (Tipperary, Fianna Fail)
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525. To ask the Minister for Employment Affairs and Social Protection if a vacant commercial property over ten years old that is in need of extensive refurbishment in order to be of any commercial use, still needs to be assessed as part of one’s capital in a means assessment as per her Department’s means assessment operational guidelines: a second property must be capable of being sold, let or put to profitable use before a capital value assessment is applied; and if she will make a statement on the matter. [51566/22]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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Property covered by the capital assessment rules includes second houses and/or any other buildings or land owned but not personally used or enjoyed as the principal residence or farming business.

The house in which a person resides – their principal residence or home - together with furniture and personal effects, is not assessed.

Property must be capable of being sold, let or put to profitable use before a capital value assessment is applied.

Occasionally, there may be legal or other reasons why a property may not be capable of being sold, let or put to profitable use. In such instances, Deciding Officers from my Department will review any reasonable evidence from the customer to verify this. If this evidence is not supplied, or is insufficient, then the property is treated as being capable of being sold, let, or put to profitable use, and a capital value assessment is applied.

The current market value (CMV) of a property is what is assessed as the means. The CMV is considered to be what the market will bear, not what the customer is willing to sell the property for. The CMV will reflect the condition of the property which will be taken into account when the means assessment is taking place.

I trust this clarifies the matter for the deputy.

Jackie Cahill (Tipperary, Fianna Fail)
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526. To ask the Minister for Employment Affairs and Social Protection what exactly signifies a second property as capable of being sold, let or put to profitable use as per her Department’s means assessment operational guidelines; and if she will make a statement on the matter. [51567/22]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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Property covered by the capital assessment rules includes second houses and/or any other buildings or land owned but not personally used or enjoyed as the principal residence or farming business.

The house in which a person resides – their principal residence or home - together with furniture and personal effects, is not assessed.

Property must be capable of being sold, let or put to profitable use before a capital value assessment is applied.

Occasionally, there may be legal or other reasons why a property may not be capable of being sold, let or put to profitable use. In such instances, Deciding Officers from my Department will review any reasonable evidence from the customer to verify this. If this evidence is not supplied, or is insufficient, then the property is treated as being capable of being sold, let, or put to profitable use, and a capital value assessment is applied.

I trust this clarifies the matter for the Deputy.