Last April, Dublin City Council announced the revaluation of commercial buildings throughout the city. This move was welcomed by landlords and businesses in the capital and is considered long overdue. In fact, this will be the first time in over a century that every commercial building in the city will be rated, or given an individual rateable valuation, simultaneously.

Under the Valuation Act 2001 an owner and/or occupier is required to provide information to the Valuer conducting the revaluation, who may then lawfully enter any property for the purpose of carrying out the valuation. DCC aims to have all valuations completed and (preliminary) certificates issued no later than October 2012.

It is generally accepted that current rates do not reflect current market conditions. The purpose of the revaluation is to provide a measure of equity.

If the owner and/or occupier is not satisfied with the certified valuation, a submission may be made to the Commissioner of Valuation within 28 days. DCC is providing for a period of one year to engage with owners and/or occupiers to try and agree valuations following such a submission. It is expected that the final valuation certificates will issue no later than December 2013 and will take effect from January 2014. There will be a right of appeal for a period of 40 days from the date of issue of the valuation certificate with a further right of appeal to an independent body set up to settle disputed valuations between the Commissioner of Valuation, owner and/or occupier and Local Authorities.

Email info@buyersbroker.ie with any specific queries or to discuss this further.

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