Start Date
5-4-2018 1:15 PM
End Date
5-4-2018 2:15 PM
Description
The core function of the Valuation Office Ireland is the establishment and maintenance of a uniform and equitable valuation base on which rates are levied (€1.5 billion). The Valuation Office is currently undertaking a National Revaluation Programme and is exploring ways of modernising the delivery of it’s valuation service. In this regard the 2015 Valuation (Amendment) Act provides for Occupier Assisted Valuation. Occupiers will now be required to submit their own valuation for rating purposes which is in contrast to the traditional revaluation approach of direct assessment. OAV will be piloted in January 2018 and ratepayers will be provided with indicative values and guidelines. The objective is to accelerate the delivery of the National Revaluation Programme, minimize matter of fact errors leading to reduced levels of appeal and increase transparency through enhanced communication with the ratepayer. The challenges include explaining the rating hypotheses to ratepayers, achieving adequate compliance levels and providing sufficient support to enable ratepayers meet their obligations. While there will be an enhanced level of engagement by occupiers, ultimate responsibility for ensuring that the valuations are accurate rests with the Valuation Office Ireland. OAV is a pilot and the Valuation Office Ireland remains open minded about whether or not it will prove to be successful.
Publication Date
April 2018
Recommended Citation
Fahey, Terence, "Piloting innovative approaches to valuing commercial property for taxation purposes: Occupier assisted valuations (OAV)" (2018). International Research Symposium. 8.
https://researchexchange.iaao.org/irs/irs18/sessions/8
Piloting innovative approaches to valuing commercial property for taxation purposes: Occupier assisted valuations (OAV)
The core function of the Valuation Office Ireland is the establishment and maintenance of a uniform and equitable valuation base on which rates are levied (€1.5 billion). The Valuation Office is currently undertaking a National Revaluation Programme and is exploring ways of modernising the delivery of it’s valuation service. In this regard the 2015 Valuation (Amendment) Act provides for Occupier Assisted Valuation. Occupiers will now be required to submit their own valuation for rating purposes which is in contrast to the traditional revaluation approach of direct assessment. OAV will be piloted in January 2018 and ratepayers will be provided with indicative values and guidelines. The objective is to accelerate the delivery of the National Revaluation Programme, minimize matter of fact errors leading to reduced levels of appeal and increase transparency through enhanced communication with the ratepayer. The challenges include explaining the rating hypotheses to ratepayers, achieving adequate compliance levels and providing sufficient support to enable ratepayers meet their obligations. While there will be an enhanced level of engagement by occupiers, ultimate responsibility for ensuring that the valuations are accurate rests with the Valuation Office Ireland. OAV is a pilot and the Valuation Office Ireland remains open minded about whether or not it will prove to be successful.