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Glossary of Valuation Terms

Last updated at 12:22 on 07/05/2014

Revaluation:             

Production of an up to date Valuation List of non-domestic property for Commercial Rates purposes, within a Local Authority area, by reference to property rental values at a specified valuation date.

Revision:

The means through which the valuation of a particular property may be assessed between Revaluations of the entire rating authority area in which that property is located.  A revision may only be carried out if a “Material Change of Circumstances” has taken place since the property was last valued.  The legislation governing revision of valuations is set out in Part 6 of the Valuation Act 2001

Revision Officer

A Valuer from the Valuation Office who will assess the value of your property following a revision request.

This is a legal term and appointment, defined in the Valuation Act 2001

Valuation List

“Valuation List” is the legal term, defined in the Valuation Act 2001 to describe the compendium of rateable properties and their corresponding valuations in a given rating authority area.  The list is “published” when a revaluation of the area has been completed.

Valuation

An estimate of the Net Annual Value (annual rental value) of a property at a specified valuation date, on the assumption that the occupier is responsible for the payment of commercial rates, internal and external repairs and the building insurance of the property.

Proposed Valuation Certificate

This states the Net Annual Value (rental value) in relation to your property which is the proposed valuation to be entered on the new valuation list which will be published and which will be used to calculate your commercial rates liability in subsequent years.

Representations

Is an opportunity to challenge a proposed valuation.  This is done through making “representations” to the Valuation Office if the occupier considers that the proposed valuation or any details contained in the Proposed Valuation Certificate are incorrect.  The Valuation Office does not charge a fee for considering representations.

Appeals

The term “appeal” has a strict legal meaning and the circumstances and procedures governing the appealing of valuations are set out in Part 7 of theValuation Act 2001

Essentially, an occupier of rateable property, an interest holder in a rateable property, an occupier of another rateable property in the same rating authority area or the rating authority itself may appeal a valuation that arises from either an application for Revision of an individual property or the Revaluation of an entire rating authority area (Revaluation and Revision Explained).

Local Authority Rates

Rates are a property tax levied by Local Authorities on the occupiers of commercial and industrial property.  Local Authorities collect rates based on property valuations.

Valuation Tribunal

The Valuation Tribunal is an independent body set up under the Valuation Act 1988, and continued by the Valuation Act 2001, to deal with appeals against decisions of the Commissioner of Valuation on the valuation of commercial properties for rating purposes. The Valuation Tribunal and the Commissioner of Valuation/Valuation Office are separate bodies, independent of each other. The role of the Valuation Tribunal is to hear appeals against decisions of the Commissioner.

Valuation Tribunal Decision

The decision of the Valuation Tribunal is final on the amount of the valuation.  There is a further right of appeal to the High Court and ultimately to the Supreme Court on a point of law.

Material Change of Circumstances explained

Part 6 of the Valuation Act, 2001

Valuation Act, 2001

Revaluation and Revision explained