A city auctioneer has called for a radical overhaul of local authority rates as Waterford businesses contend with an overheads/weather double-whammy this winter.
Having had discussions with in the retail and hospitality sectors, Thomas Reid of DNG Thomas Reid Auctioneers says current rates ‘demands’ by City Hall are “unrealistic, unsustainable, penal, and without sound commercial basis.”
“Rates are currently calculated only on comparisons to that of neighbouring properties, and consequently all properties in a particular area experience the same blanket valuation pro rata to their size,” he explains. “This fails to factor in areas that experience growth or decline in trade over a period, and gives absolutely no consideration to the economic climate.”
