NAMA’S Rates Bill

Under Section 15 (3) of the Valuation Act 2001 State property is not rateable. Consequently, there is no obligation to pay rates on such property.

The Section reads:

“Subject to section 16 , relevant property, being a building or part of a building, land or a waterway or a harbour directly occupied by the State (including any land or building occupied by any Department or office of State, the Defence Forces or the Garda Síochána or used as a prison or place of detention), shall not be rateable.”

We have not heard (it’s early days) what proportion of the property taken by NAMA from the banks is now occupied by NAMA.

We need answers to some questions:

Is NAMA “the State”?

What does “occupied” mean?

A lot of money hangs on those questions.