Bepreparedfor revaluations
IT’s crucial that Wexford businesses are prepared for major changes in the way their rateable valuations are drawnup, says a Wexford county councillor.
Cllr Malcolm Byrne is offering his expertise to any local business to help them prepare for what he says will be one of the most contentious issues facing both town and county for many years.
‘ When this revaluation happens, particularly if they have not had their rateable valuation examined for many years, (it will) be one of the most contentious issues for business in the county,’ Cllr Byrne told this newspaper.
‘I’ve been working on the issue of commercial rates for quite some time and you will be aware that there are significant differences in rates paid by similar types of businesses in County Wexford.
‘Commercial rates are determined by two factors - the rateable valuation determined by the Valuation Office and that is then multiplied by a rate set by the County Council.
‘ The rateable valuation of a property may have been determined decades ago and not been examined since.’
The Valuation Office has embarked on a new programme of nationwide revaluations.
Several counties are being ‘revalued’ at present. So far, revaluation has been completed in Dublin City Council, Fingal, Dún Laoghaire-Rathdown, South Dublin, Limerick City and County and Waterford City and County rating authority areas.
The next stage of the programme, will result in the revaluation of commercial and industrial properties in Carlow, Kildare, Kilkenny, Leitrim, Longford, Offaly, Roscommon, Sligo, South Dublin and Westmeath County Councils.
Cllr Byrne said the object of the exercise is ‘ to reassess current property market and rental values’.
It can result in an increase, a decrease or no change. In those counties where a revaluation has happened, it has resulted in some rates bills going up and others going down. Some of the changes have been dramatic.
The Valuation Office will engage in a process of public consultation when the roll-out comes to Wexford within the next year. Changes in valuation can be appealed.