Business revaluations create storm
FINGAL RATES CONTROVERSY
Wednesday July 22 2009
THE controversy being whipped up by the ongoing revaluation of commercial property in Fingal has made its way to the council chamber where three motions and two questions on the issue were put to the floor.
Five separate councillors tabled questions and motions on the issue, all asking what impact the new valuations would have on an already struggling business sector in the county.
Cllr Joan Maher (FG), Cllr Alan Farrell (FG), Cllr Eithne Loftus (FG), Cllr Darragh Butler (FF) and Cllr Peggy Hamill (Lab) all prompted a debate on the issue which has become a huge concern for businesses across the county in recent weeks.
In response to the concerns raised by councillors, the local authority issued a statement on the issue, outlining how the valuations process is being carried out. As far back as March of 2007, the Commissioner of Valuation decided the order in which local authorities would be valued. Following a similar process in Dublin South last year, it was Fingal's turn this year.
The result of the revaluations being conducted by the Valuations Office will be to compile a new and up-to-date list of the values for rates purposes of all the commercial and industrial property in Fingal. Some 5,000 provisional valuation certificates have already been issued in Fingal, with the balance due in September of this year.
The council said that when the process is complete, around 46% of rate-payers will see a decrease in their assessment next year while close to 48% will see an increase. The council said many of the increases and decreased are 'marginal' but said that a ' significant number' of ratepayers, particularly in the retail sector will face 'quite substantial increases'.
The local authority said however, that the changes in valuations will bring 'no financial advantage to the council'. The council statement said: 'In fact, if trends from the South Dublin County Council revaluation appeal process were to be repeated in Fingal, we will be looking at a significant drop in our overall rates income going forward.' The council concluded: 'It is difficult to quantify precisely the impact increased rates assessments will have on individual businesses.
'However, suffice to say that the business sector will not welcome any increase in costs, particularly in the current economic climate.'
- John MANNING
