Wexford Rates Information Seminar
In this country, commercial and industrial property is liable for rates and because this is something that affects each and every business, Wexford Chamber is partnering with member company Sherry FitzGerald Haythornthwaite to offer a FREE Information Seminar on Valuations and Rating. The seminar will take place on Wednesday 29th January 2014 in Whites of Wexford from 6pm – 7.30pm.
This event will be of interest to all business people, as it will cover the current position as well as looking at the new rating self-assessment legislation which is due to be passed this year.
Frank O’Connor Chartered Surveyor & Rateable Valuation Consultant and Sherry FitzGerald Haythornthwaite will address ‘The National Rates Revaluation – Ratepayers Perspective’ and will speak on ‘The National Revaluation Programme – Progress & Processes’ to include the main features of The Valuation (Amendment) (No.2) Bill, 2012. Light refreshments will be served on arrival and there will be a Questions and Answers Session.
In December 2013, the Valuations Office, the State property valuation agency, concluded its revaluation of the commercial and industrial properties in the Dublin City Council area. It had already completed revaluation in the local authority areas of South Dublin County Council, Fingal County Council and Dún Laoghaire-Rathdown County Council. Revaluations have recently been conducted in the Waterford areas.
Provision for a revaluation of all commercial and industrial property in Ireland was made under the Valuation Act of 2001. This will be applied when it comes to Wexford’s turn for revaluation.
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, as distinct from the absolute value of an individual property.
The Valuation Office is independent in carrying out its functions. Its core business is the valuation of commercial property for rating purposes. Rates are imposed by local authorities by reference to the rateable value of each property as determined by the Valuation Office. The valuation of a property is based on its annual rental value at the date of valuation. This is multiplied by the annual rate on valuation (ARV) to give the amount of commercial rates payable per annum. The ARV is set each year by each local authority.
If this sounds complicated, it is because it is. But it needs to be understood by all business owners. This seminar will introduce much needed clarity on this topic. All are welcome to attend.
Please RSVP your attendance to admin@wexfordchamber.ie