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Understanding the Basics of Commercial Property Rates

If you own or occupy any type of commercial property, you may have to pay commercial property rates for it. It is possible to handle this on your own; however, if you do not have the time or skill to do this on your own, you may get the services of a property management company to complete this on your own.

Whether you handle the payment of commercial rates on your own or get help from professionals for it, you need to have an understanding of the matter. Here are a few basics related to the commercial property rates that you need to know.

Who pays these rates? If you occupy a commercial property on the date on which the commercial property rates must be paid, you are responsible for this. The types of property on which the commercial rates apply include offices, land, shops, buildings, factories, and warehouses.

When you are buying, renting or selling a commercial property, it is necessary to notify the Rates Office operating under the Dublin City Council about this. This will ensure that the rates are charged to the right entity.

The rates may also apply on other categories of commercial property in different ways. For example, you may have to pay the rates on a vacant property if your property does not meet the necessary criteria to obtain a refund. Again, you may have to pay the rates due on a commercial property you buy and occupy.

How are these rates calculated? The method for calculating the commercial property rates for your property is simple. For this, it is necessary to multiply the Rateable Valuation and the Annual Rate on Valuation.

It is the responsibility of the Commissioner of Valuation to decide the Rateable Valuation for all commercial properties. This information about your property is available from the Valuation List. On the other hand, Dublin City Council is responsible for deciding the Annual Rate on Valuation for a property. It takes this decision at its budget meeting held annually.

If you think that the Rateable Valuation for your property is incorrect, you may request for a revision. For this, you have to apply to the Valuation Office. If you are successful, this will have a considerable impact on the commercial property rates charges.

How are these rates paid? If you are responsible for paying the commercial rates for a property you own and/or occupy, you will receive the bill for it in February of each year. This bill will provide details of the amount you need to pay as these rates. This bill will also provide details of any arrears on the property.

There are a number of ways in which you may pay the commercial rates for the property. This includes cash, cheque, money order and postal order. You may also opt for a direct debit or an electronic fund transfer.

If it is difficult for you to pay the entire amount at once, you may arrange to pay in instalments. However, this option will only be available if there are no arrears in your account. If you have any queries regarding the charges, you may get in touch with the Rates Office to get a clarification.

Author Bio

Alias Hamilton has worked as a property consultant in Ireland and specialises in offering real estate advice regarding commercial rates in Dublin City. Whether you are selling a house or buying a factory, you need to avail of the services of competent property management companies. For this, he suggests you visiting http://www.lisney.com/.


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