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National Revaluation Programme

National Revaluation Programme. Phase 2 - REVAL 2017. Topics. Valuation Office National Revaluation Programme Valuation (Amendment) Act 2015 REVAL 2017 & how does it affects your Rating Authority. Valuation Office. Ireland’s State Valuation organisation since 1830

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National Revaluation Programme

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  1. National Revaluation Programme Phase 2 - REVAL 2017

  2. Topics • Valuation Office • National Revaluation Programme • Valuation (Amendment) Act 2015 • REVAL 2017 & how does it affects your Rating Authority

  3. Valuation Office • Ireland’s State Valuation organisation since 1830 • Provision of a Rateable Valuation services for assessment of commercial rates • Commercial Rates = €1.4 billion annually • Market Valuation service to Government departments and agencies • National Revaluation Programme

  4. Context • Valuation Act 2001 • No general revaluation conducted since mid-nineteenth century • The case for revaluation • Valuation (Amendment) Act 2015

  5. Why a Revaluation? • Rates = tax based on property rental values • Correctness, Equity and Uniformity • Differential movement in rental values over time • Rental values do not change at the same pace • Restore relativity between properties, categories & locations based on Net Annual Value (NAV) • Transparency – reflect current market rental values • Independent and objective outcome • Rolling revaluation: every 5-10 years

  6. Impact on Rates Income of Local Authority? • It’s about Redistribution of rates liability • Revenue neutral: No impact on first year • Rates Cap (Sec. 56 Valuation Act 2001, as amended) • Any increase in overall Rates Income limited to: • Inflation • New developments • Improvements to existing buildings

  7. How Revaluation affects the Rating System • Before Revaluation: • Rates Liability = RV (in nominal terms) x Annual Rate on Valuation (ARV) • After Revaluation: • Rates Liability = NAV x ARV • Net Annual Value (NAV) • Set by Valuation Office through revaluation every 5-10 years • Annual Rate on Valuation (ARV) • Set by Local Authority each year

  8. Dublin City Council Example • Before Revaluation: • RV = €120xARV (2012) = 61.19 • Rates = €7,342 • After Revaluation: • NAV = €27,500xARV (2015) = 0.2557 • Rates = €7,032

  9. Revaluation Outcomes • Three possibilities: • No change • Decrease • Increase • Depends on movement of Rental Values relative to rental values of other properties

  10. Revaluation Outcomes so far

  11. National Revaluation Programme – Phase 1 • Total no. of rateable properties = 146,000 • 55% of entire valuation base in monetary terms now revalued • Revalued properties = €3.8 billion NAV • 33% of rateable properties in numerical terms

  12. Valuation (Amendment) Act 2015 • Amends Valuation Act 2001 • New measures to accelerate the national revaluation programme: • Removal of Appeal to Commissioner • “Occupier Assisted Valuation” (new Part 5A) • Outsourcing of valuation work

  13. REVAL 2017 Scope • Scope: Revalue 10 Additional Rating Authorities • Increase revalued base to 70,000 properties • 67% revalued (monetary) • 48% (numerical) • Occupier Assisted Valuation (Pilot) • Laois • Outsourcing (Pilot) • Carlow & Kilkenny • Direct Assessment • Offaly, Longford, Westmeath, Roscommon, Sligo, Leitrim & Kildare

  14. REVAL 2017

  15. Steps • Consultation Process • Commissioner writes to Minister for ECLG & Chief Executive of Rating Authority • Ongoing Liaison between VO & Rating Authority • Preparatory arrangements • Commissioner signs Valuation Order • Commissioner appoints Valuation Manager

  16. Statutory Dates • Valuation Date • Date of Publication of New Valuation List • Effective Date for Rates Purposes

  17. Collaborative Approach • Partnerships with rating authorities, representative bodies and agents • Joint SCSI/VO Rating Forum • Providing information to Ratepayers • Using full range of support channels, including Web • Adopting standardised processes • Increasing public understanding of rating valuation system through dialogue with business representatives • Engaging with peer organisations in other jurisdictions

  18. Collecting & Analysing Information • Valuation Information Form issues to all occupiers of rateable property • Historical property data in digital form • Electronic Based Market Analysis: Market Analysis Unit in VO • ICT–supported valuation process • Valuation Teams conducting field work

  19. Estimating the NAV - Primary Evidence

  20. Key Milestones • Commissioner makes Valuation Order fixing Valuation Date & appoints Valuation Manager • Collection and analysis of data • Rent/Lease/Tenure details • Physical property data • Valuation Manager issues Proposed Valuation Certificates to Ratepayers • “Representations” to Valuation Manager (40 days) • Final Valuation Certificates issued • New Valuation List for Rating Authority published • Appeals to Valuation Tribunal (within 28 days) • New Valuation List becomes effective

  21. Appeal Process • “Representations” to Valuation Manager • Appeal to Valuation Tribunal • Point of Law - Higher Courts

  22. Valuation Tribunal • Independent statutory body • Panel of 20+ members • Formal process • Commissioner = Respondent • Appellant = Occupier/Agent for Occupier • Determinations final on valuation matters

  23. www.valoff.ie

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