The island’s current property valuation lists continue to rely on assessments carried out more than five decades ago, the Treasury Minister has confirmed.
In a written answer to a question from Ramsey MHK Lawrie Hooper, the new Minister for the Treasury, Chris Thomas, said that the last comprehensive valuation of all rating areas was conducted in the late 1960s and early 1970s under Part 1 of the Rating and Valuation Act 1953.
Those valuation lists remain the operative basis for rating across all districts and rating areas today. While the legislation allows for periodic revisions, Mr Thomas confirmed that no island-wide revaluation has taken place since that time.
Valuation Changes
Instead, changes to the valuation lists are made through supplemental lists prepared by the Treasury under sections 27 and 28 of the 1953 Act.
These supplemental lists are updated three times each year, on 1 April, 1 August and 1 December, and record new properties, material alterations, demolitions and other changes that affect rateable values.
The Minister explained that all new entries on supplemental lists are subject to statutory objection and appeal procedures.
Valuations for new or altered properties are assessed using the original 1970s valuation evidence, scales and relativities to ensure consistency with existing rateable values.
The written question was published on January 6, with the Treasury’s response issued on January 20.
