Paul McNeive: Local authorities collect €1.5bn in rates but the system is changing
TÉ-Valuation maintains the Rateable Valuation system, which comprises approximately 150,000 commercial properties across 31 local authorities. Photo: Getty
Rates charged on properties by local authorities contribute approximately €1.5bn every year to the running of the country. Despite their importance, there is little commentary on property rates, although some occupiers of buildings will be realising that their rates bill is one of few costs that is reducing. This is because the rating system is going through considerable change and ongoing modernisation.
The valuations of properties for rating purposes was formerly carried out by the Valuation Office, which is now part of Tailte Éireann (TÉ). Now known as TÉ-Valuation, the department, with approximately 130 staff, including 70 valuers and surveyors, is the smallest entity within TÉ, which was established to provide a single property-ownership registration, valuation and mapping service.
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