Tuesday, September 04 14:14:35
Dublin City business owners face new commercial rates in October under General Revaluation of 25,000 premises.
This is the first time a revaluation has been carried out in Dublin in a century.
Business owners will receive proposed valuations during October and November and the new valuations will come into effect for rating purposes in 2014.
The Society of Chartered Surveyors Ireland (SCSI) said that the purpose of the Revaluation is to bring more equity, fairness and transparency into the Dublin City Council rating system and to bring it up to date to reflect recent changes in property rental values.
The Chairman of the Valuation Professional Group of the Society of Chartered Surveyors Ireland, Rory Lavelle, said "The General Revaluation of Dublin City is necessary to take into account changes in rental values between properties over time and a new valuation date of April 7th 2011 has been set".
"The General Revaluation is likely to result in commercial rates increases for some business owners and decreases for others and is intended to result in a fairer distribution of commercial rates liabilities throughout the city," he said.
Business owners across the capital will receive their new Proposed Valuation Certificates during October and November which will determine their commercial rates liability for 2014. Ratepayers will have 28 days to submit a representation if they are dissatisfied with their proposed valuation.
"Understandably, business owners in Dublin City are concerned about the effect of the Revaluation on their rates bill, particularly when they are dealing with challenging economic circumstances and trying to restore competitiveness to retain jobs. However, this process will ensure fairness and transparency in relation to rebalancing the rating system in Dublin which is long overdue," he said.
Mr. Lavelle said that it is important that business owners are fully informed about the Revaluation and their new rates liabilities and recommended that they only deal with qualified professional rating consultants if seeking professional advice.