Limerick City Council has today (Monday, 09 December 2013) announced a historic 15.8% reduction in the city’s commercial rates.
In his Budget 2014 Report, Limerick City and County Council Manager Conn Murray said the reduction, subject to the approval of the Council’s Elected Members, will for the first time bring about a single Annual Rate of Valuation (ARV) in Limerick.
Mr. Murray is proposing to reduce the ARV for Limerick City from €71.19 to the Limerick County rate of €59.9193 in a move described by the Manager as “a significant and positive milestone” in the merger of Limerick City and County Councils.
“The value of this rate reduction equates to €4.59 million, going back to the ratepayers and should significantly help businesses to remain competitive and will for the first time in our history bring about a single ARV for Limerick. This unprecedented reduction will help stimulate the local economy and shows the commitment of Limerick City Council to businesses in order to generate employment and create an environment for continued growth and prosperity,” explained Mr. Murray.
The Manager thanked Phil Hogan TD, Minister for Environment, Community & Local Government, whom he said had supported the process in recent months and had helped to bring about the removal of “the last remaining, significant obstacle” to the historic amalgamation of Limerick City and County Councils by the Local Elections in May 2014.
He continued: “Both Limerick City and County Councils have been implementing efficiencies across their operations since 2008 in an effort to reduce the differential between both authorities. The proposed commercial rates reduction, should it be approved by Councillors, will provide a platform on which the new merged authority will continue to lead and ensures that Limerick remains a key destination for indigenous and foreign companies, now and in the future.”
Meanwhile, Mr. Murray has urged business across Limerick City to continue to work with the Council to facilitate payment of their rate demand “in a timely manner”.
“At the end of 2012 Limerick City Council’s percentage of rates collection stood at 55%, representing one of the lowest rates in Ireland. Some businesses have in the past complained about the cost of doing business in Limerick. Now with this historic alignment of the ARV for Limerick City and County we are advancing towards a new era and consequently, we are urging business to work with us to ensure we have the necessary funding in place in order to make this City a fantastic place to work, invest and live in,” concluded Mr. Murray.
Elected Members of Limerick City Council will be briefed on the proposal this Wednesday (December 11th, 2013) ahead of a statutory meeting of Limerick City Council next Monday (December 16th, 2013).
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