New legisation to improve and streamline the operation of the valuation system was published yesterday by the Minister of State for Finance, Mr Martin Cullen.
The Valuation Bill, the first comprehensive valuation legislation since the 1850s, will create a more modern and transparent system for both local authorities and ratepayers, the Minister said.
Mr Cullen said that although there will be "winners and losers" as a result of the change, the legislation will cap the percentage by which a local authority's overall rates income can increase on the year the new system is introduced. The percentage has not yet been decided. An earlier figure mentioned, 5 per cent, may be increased because of the recent rise in inflation.
The new legislation will not change the current status of bed and breakfast accommodation and self-catering accommodation, which are exempt from rates. The same holds for intensive farming businesses.
The new system aims to increase the opportunities for ratepayers to become involved in the valuation process from an early stage and before a valuation becomes effective.
"A revaluation will allow a uniform and equitable valuation base to be established and anomalies to be removed. It will also allow a return to full values rather than the confusing fractions that are used at present," Mr Cullen said.
