Ring warns of business closures amid soaring rates

A number of small businesses may have to close their doors as a result of prohibitive rate charges from revaluations, Deputy Michael Ring has said. 

The Fine Gael TD said that as revaluations of the outstanding local authorities draw to a close, many local businesses in Mayo say they will struggle to keep trading.

The National Revaluation Programme is an ongoing national programme to ensure that the rateable valuations of all commercial and industrial property in Ireland are reviewed and updated on a regular basis.

To date, 23 local authorities have been revalued, with the remaining seven local authorities due to be revalued by the end of this year.

Businessowners in the Westport have expressed deep concern about the increase in rates, which one local publican has described as 'unbalanced'. 

Deputy Ring, who is based in the town, said one local business had seen their rates increase by 600 percent.

"That proprietor is now seriously considering if he can continue to operate," added Deputy Ring, who is calling on the Minister for Housing, Local Government and Heritage, Darragh O'Brien, 'to conduct a thorough review of the revaluation process'.

"The purpose of this programme is to bring more equity, uniformity, fairness and transparency to the local authority rating system, resulting in a more equitable distribution of commercial rates among ratepayers. 

"However, a number of local businesses in Mayo have discovered that their new property values are potentially going to force them to close their doors.

"In another case, a business in South Mayo which has been opened for over 140 years will now have to close at the end of this year."

Deputy ring noted that 60 percent of ratepayers had seen a decrease in their rates bill as a result of the revaluation process, but added: "However, I would contend that a majority of these revaluations were conducted before our more recent global challenges, which have had a devastating effect on all businesses.

"Business owners are entitled to lodge an appeal in cases where they disagree with the re-valulation figure.  I am also hearing of cases where these appeals are not being dealt with within the specified timeframe, leaving businesses in limbo for longer.

"Budget 2024 announced a €250 million fund to help small businesses deal with rising costs and that is welcome. However, I would call on Minister O’Brien to conduct a thorough review of the revaluation process that is almost concluded, to ensure all appeals have been thoroughly investigated and that every business has been looked at fairly against the backdrop of external shocks and pressures."