New rate valuation certificates posted to Mayo businesses

New valuation certificates have been posted to commercial and industrial ratepayers in Mayo.

Revaluation will improve equity, uniformity and transparency in local authority rating system.

The Valuation Office (VO) merged with the Ordnance Survey Ireland (OSI) and the Property Registration Authority (PRA) on March 1 last to form a new organisation, Tailte Éireann (TÉ).

Now the TÉ valuation team has commenced the process of posting valuation certificates to ratepayers.

This is an important milestone in the revaluation of all non-domestic property in Ireland which is currently underway through a programme known as the National Revaluation Programme.

The first revaluation of non-domestic property has already been completed in the Carlow, Cavan, Dún Laoghaire-Rathdown (first revaluation), Fingal, Kildare, Kilkenny, Laois, Leitrim, Longford, Louth, Meath, Monaghan, Offaly, Roscommon, Sligo, Tipperary, Westmeath, Wexford and Wicklow County Councils, as well as the rating authority areas of Dublin City Council, Limerick City and County Council and Waterford City and County Council.

Provision for a revaluation of all non-domestic property in Ireland was made under the Valuation Act of 2001 as amended.

Residential property and agricultural lands are not rateable and consequently will not be affected by the revaluation.

Valuations have been arrived at by reference to relevant market rental information at the specified valuation date of February 1, 2022.

A revaluation is necessary to bring more equity and transparency into the local authority rating system and to ensure that all ratepayers pay a fair share of the commercial rates to be raised.

Following revaluation, there is a much closer and more uniform relationship between rental values of property and their commercial rates liability.

The revaluation will result in a redistribution of the commercial rates liability between ratepayers depending on the relative shift in the rental values of their properties in relation to each other.

While an individual occupier’s rates liability may increase or decrease, the revaluation will not increase the overall commercial rates income of the local authority.

The commercial rates income of each local authority is capped in the year following a revaluation.

The valuation certificates posted to ratepayers yesterday will state the valuation that will be entered onto the new valuation lists which will be published on September 22 next.

These valuations will be used to calculate the rates charged by the relevant local authorities in 2024 and subsequent years.

It is important to note that the valuation entered on the valuation certificate is not a bill for rates but is a statement of the valuation on which rates will be calculated from January 1, 2024.

In order to arrive at an estimated rates liability for 2024 and subsequent years, the valuation provided by TÉ – valuation team must be multiplied by an indicative annual rate on valuation (ARV) published by the particular local authority in which the property is located.

The indicative ARV will be available through Mayo County Council website.

If a ratepayer accepts that the valuation set out in the valuation certificate is correct, they do not need to do anything further.

If a ratepayer is dissatisfied, he or she can appeal to the independent valuation tribunal on or before October 19 next.

TÉ valuation team will hold walk-in clinics in Mayo.

Staff will be available to answer queries relating to the issue of valuation certificates. No appointment will be necessary.