The Valuation Office in Dublin has been given the go ahead to revalue the 25,000 commercial properties in the Dublin City Council area for rates purposes.
This will be the first Revaluation for over 100 years and come into effect on 1 January 2014.
The valuation date at which the Valuation Office will assess the rental value of each property is 7 April 2011.
Nick Rose commented that “this is a challenging time to be assessing rental values given the lack of market activity and dearth of transactions. The plan is to publish draft valuations around October 2012 and give ratepayers around 12 months to make representations on why their assessment is excessive.”
Nick explained that “the Valuation Office will now commence a huge information gathering exercise and ratepayers should appoint professional advisors sooner rather than later to ensure that appropriate information is provided, make representations and deal with an appeal if necessary”.