Treasury Minister Chris Thomas has confirmed that the government has not conducted a general revaluation of domestic rateable properties since the late 1960s and early 1970s.
The exchange followed a question from MHK Lawrie Hooper regarding compliance with the Rating and Valuation Act 1953.
Mr Thomas stated that while valuation lists are updated three times a year with supplemental lists, a full island-wide revaluation is discretionary.
“The last re-evaluation was carried out using 1968 to 1970 rental values with certain conditions undertaken roughly between 1970 and 1973,” Mr Thomas said. “There’s never been a re-evaluation since that day.”
He revealed a 2014 select committee, on which he served, recommended amending the law to require a revaluation every five years, but this has not been enacted.
When pressed by Dr Michelle Haywood on the timing of the last revaluation, Thomas reiterated the 1970s date.
Mr Thomas indicated a new rates valuation bill is due “very shortly” and acknowledged the potential of aerial photography to assist with future valuations, which he previously pushed in the last administration.
He added, however, that any general revaluation “won’t be before the general election.”