The rateable valuation of business and domestic property in Waterford is under review by the Valuation Office in Dublin, and the process will not be completed until 2013, said Tom Gilligan, Waterford Co Council’s head of finance said this week.

The Council heard that a total of €530,505.53 in rates was “irrecoverable” by the Council in 2010 due to the difficult economic climate.

Mr Gilligan said the Council adopted a pragmatic approach in dealing with people who experienced difficulty and they supported local jobs and businesses. The Council is working with ratepayers in order to clear outstanding debts, he added.