News that hotels across Waterford are set to be revalued before the end of the year has been welcomed by the local business community.
However, the national body representing the country’s hotel sector has adopted a ‘wait and see’ stance on the commitment having received worrying information in recent weeks.
Following correspondence between the Oireachtas Environment Committee and the Department of Finance, it’s believed that a review of commercial and industrial properties in Waterford city and county will be conducted before year’s end.
Senator Paudie Coffey, who is a member of the Environment Committee, described the Departmental commitment as “welcome but long-overdue news for local businesses”.
The increasing level of financial difficulty that hotels are facing was highlighted by City Councillors Tom Cunningham and David Cullinane during October’s City Council meeting.
At that meeting, both won support from colleagues when calling for the Government to immediately resource the Valuations Office through which commercial property rates (in theory at least) could be struck.
However, since the office came into being back in 2001, just three of the country’s 88 designated State’s 88 rating areas have had revisions conducted by the Commissioner of Valuation.
“It has been found that in other areas where the Commissioner of Valuation has carried out the valuation process, rates have been reduced for businesses in those areas by on average 30 per cent,” said Senator Coffey.
“In these stringent times this is good news for some Waterford businesses as they can now look forward to the possibility of one of the largest costs, over which they have no control, being reduced.”
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