The Rate Stuff

It was late last week that the panic hit the streets of Greystones, as businesses up and down the town opened yet another ominous, official brown envelope.

Inside, it was a notice from the Valuation Office on Abbey Street Lower, in Dublin, letting them know that their fine business was being assessed for a Proposed Valuation Certificate.

What’s a Proposed Valuation Certificate? It’s a national programme revaluing all commercial and industrial properties in Ireland. To see if you’re coughing up enough moolah to the government. Or, in some cases, too much. The basis being the estimated rental potential of that property on the valuation date of October 6th, 2017.

The scare for most people is the great big number listed as their Proposed Valuation on that recent letter. Turns out that’s not the amount that needs to be paid, but the starting figure that then must be multiplied by the Annual Rate Of Valuation (or ARV). The current indications for Wicklow are that the ARV rate for 2020 could be 0.228.

Which means that the €19,900 listed on the generic letter [right] sent out to explain the Proposed Valuation Certificate actually comes out as being just €4,332.

The first true valuation of commercial and industrial properties in Ireland for almost 30 years, some businesses will be paying more than before, others less. And if it’s a lot more, of course, that could prove the tipping point for some already losing the battle with out-of-town retail centres, discount supermarkets and online shopping.

A quick walk around Greytones shops revealed that the rate leap is around 35% for many, and a very close to 100% for more than a few.

The important thing for Greystones businesses is that, if you’re not happy with your new rate, you have 40 days to act from the issue date of that scary letter. You can lock horns with the Valuation Office on their website here, email [email protected], or call 018171033 or LoCall 1890531431.

In the meantime, we sat down with young Jennifer Whitmore this morning to talk rates and riots, whilst also touching on how our town is also getting ever-so-mildly shafted by the levies exodus…

You can find out more about the Proposed Valuation Certificate – including answers to frequently asked questions – right here. You can also check out a short video outlining their modus operandi here, and visit their main website here. There will be another Valuation clinic at WCC Buildings on Weds 17th 10am to 4.30pm, and Bray Civic Offices on the 18th, same hours.