07 September 2012
Scottish ratepayers set to lose out on millions
Scottish ratepayers could lose millions of pounds a year, following a landmark Scottish revaluation case which assessed the recession’s effects on the rental value of properties.
The Lands Valuation Appeal Court (LVAC) over-turned decisions of the Fife and Tayside Valuation Appeal Committees, originally issued in October and November 2011 against cases brought by BNP Paribas Real Estate, G L Hearn, Colliers International and Eric Young & Co who were representing a number of clients in Mercat, Kircaldy and Overgate, Dundee.
Evidence was led and the case co-ordinated by BNP Paribas Real Estate (acting on behalf of the landlords) and GL Hearn and Colliers (acting on behalf of various occupiers), in the Fife case and Eric Young & Co in the Dundee case.
The agents involved, comment: ‘The outcome will effectively see ratepayers left paying rates which are disproportionate to the recessionary economy. This will mean that both landlords and tenants alike will continue to struggle, as premises, in many cases, are unaffordable. A ruling in favour of ratepayers would have potentially stimulated economic activity, giving Scotland a much needed boost.’
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