Under a Revaluation, all properties within the Local Authority will be valued for rates based upon the estimated or hypothetical rental value as at a specified Valuation Date. Rates will then be determined as a fixed percentage of this rental figure.
Whilst rents may have fallen in recent years, this will not necessarily translate into a reduction in rates as the Revaluation is intended to be “revenue neutral”, i.e. the Council cannot take in any more rates in the year following the Revaluation then the preceding rating year. Therefore, the exercise is a redistribution of the overall rates burden so there will be increases as well as reduction incurred by individual occupiers.
Proposed Valuation Certificates are sent to occupiers prior to the effective date i.e. the date the rates become liable based on the new valuation, which gives the occupier time to review the proposed valuation and If necessary, the opportunity to contest the valuation by submitting Representations within a 28-day period of the certificate issuing. Following receipt of Representations, the Valuation Office will review the valuations before issuing the Final Valuation Certificates. The valuation in this certificate forms the basis of the future rates liability.
An opportunity to appeal is still available following the publication of the new valuation list, if the occupier remains dissatisfied, by way of an appeal to the Valuation Tribunal.
The following schedule outlines the various relevant dates for the upcoming Revaluations of Fingal, Louth, Meath, Monaghan, Cavan, Wicklow, Wexford and Tipperary:
Valuation Date: 15th September 2017
Proposed Valuation Certificates Issue Date: Late March 2019
Final Valuation List Publication Date: 17th September 2019
Effective Rates Date: 31st October 2019
Should you require any further information in respect of the Revaluation process, GVA Donal O Buachalla, as long-established rating advisers, would be delighted to assist you.