Under the Valuation Act, 2001, once your Rateable Valuation is established it can only be altered through an “application for Revision”, to the Commissioner of Valuation, subject to payment of a statutory fee.
However, in order to qualify for a revision of valuation, a Material Change of Circumstances (MCC) must have occurred. A MCC
(a) the coming into being of a newly erected or newly constructed relevant property or of a relevant property, or
(b) a change in the value of a relevant property caused by (i) the making of structural alterations or by (ii) the total or partial destruction of any building or other erection by fire or any other physical cause, or
(c) the happening of any event whereby any property or part of any property begins, or ceases, to be treated as a relevant property, or
(d) the happening of any event whereby any relevant property begins, or ceases, to be treated as property falling within Schedule 4, or
(e) property previously valued as a single relevant property becoming liable to be valued as 2 or more relevant properties, or
(f) property previously valued as 2 or more relevant properties becoming liable to be valued as a single relevant property;
(g) the fact that relevant property has been moved or transferred from the jurisdiction of one rating authority to another rating authority, or
(h) relevant property or part of any relevant property becoming licensed or ceasing to be licensed under the Licensing Acts 1833 to 2011;
Therefore, a fall in turnover, an economic decline or an external factor affecting a business such as a bypass or increased competition are not considered MCCs for the purpose of reassessment. This applied not only to property subject to recent Revaluations, but also to all property under the existing rating system.
Also it is important to note that should the property qualify for revision and a reduction be achieved, this will only become effective in the next rating year.
This is a complex area and we would be happy to explain in further detail should you wish to contact us.