Mick Wallace The Italians are saying that 'Testing' is the Pillar to gaining control of the #coronavirus spread... https://t.co/bZWUNoZBtL
Mick Wallace While countries across the world resrict movement to minimise casualties to #coronavirus, how pathetic that #US Mil… https://t.co/2x0jwx5z0p
Mick Wallace Check out our 3rd Podcast - I4C Trouble with Daly + Wallace... https://t.co/xZRgGh6rms https://t.co/cJZd3Oq2dU
Mick Wallace Limerick people do it best... https://t.co/l5ZBEVq1hv
To ask the Minister for Public Expenditure and Reform further to Parliamentary Question No. 23 of 21 November 2012, the reason there was no consultation with any organisation or body which represents commercial ratepayers in drafting the Valuation (Amendment) (No.2) Bill 2012; the reason no redefinition of the material change of circumstances provision has been included in the legislation to combat the narrow interpretation currently employed by the valuation office which does not allow for changes in economic circumstances to be taken into account; and if he will make a statement on the matter. - Mick Wallace. For ORAL answer on Wednesday, 23rd January, 2013.   REPLY The Valuation (Amendment) (No.2) Bill, 2012 had its second stage reading in Seanad Éireann on 11th October, 2012 and in the interim a number of organisations and bodies, including organisations representing various commercial ratepayers, have made detailed submissions to me on various aspects of the Bill. My officials have held consultations with the representatives of these organisations and this process is still underway. I am willing to meet other interested parties who express an interest in the provisions of the Bill as was pointed out in the course of the debate in the Seanad.   As regards the definition of material change of circumstances (MCC), the position is that the valuations of individual properties are revised to reflect physical changes that have occurred such as new buildings, extensions, sub-divisions, exemptions, etc. This is a consequence of the statutory provisions expressly set out in Part 6 of the Valuation Act 2001 rather than any restrictive interpretation adopted by the Valuation Office. Individual properties the subject of applications for revision, are valued by reference to the values on the valuation list of other properties in the same rating authority area. The values are based on the actual physical characteristics of the property at the time of valuation.   On the other hand, the general revaluation provisions in Part 5 of the Valuation Act 2001 takes account of the economic changes that take place in the property market over time. A revaluation is where all properties in a rating authority area are valued by reference to market conditions prevailing at a specific valuation date and these valuations become effective for rating purposes at the same time across the entire rating authority area. Economic conditions prevailing at the date of revaluation are effectively frozen until the next revaluation takes place which, under the provisons of the 2001 Act, must take place every 5-10 years. As the property market is dynamic, it would not be possible to reflect ongoing economic changes in the valuation list and at the same time maintain stability between values on the list and equity and fairness between ratepayers. If revision of individual property values was to have regard to economic factors then a ratepayer whose property was being revised would be advantaged or disadvantaged vis-a-vis other ratepayers depending on the relative strength or weakness of the property market at that point in time. It is for that reason that a change in the MCC provisions has not been included in the Bill now before the Oireachtas.   However, the restrictive nature of the MCC provisions means that in certain circumstances where it may be appropriate to amend a valuation, e.g. where an error occurred in relation to a valuation, it is currently not possible to do so. It is proposed therefore, to amend the Valuation Act, 2001, so that following a decision not to amend a valuation because no material change in the circumstances had occurred, the ratepayer may within 40 days make representations to the Commissioner of Valuation who can then amend the valuation so that it is comparable to the valuations of similar properties on the same valuation list.

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Namaleaks is a project that seeks to uncover possible injustice and poor practice related to NAMA (National Asset Management Agency) and financial institutions in Ireland.


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