Cork businesses face rate increases to cope with losses in local authorities

Businesses could be facing rates increases to offset significant losses in local authority rates income following a nationwide review of utility companies.

The news emerged after it was confirmed that the cost to Cork City Council alone of the first global utilities revaluation in five years will be just over €1m — much higher than what was expected.

The office of the Commissioner for Valuation is responsible for setting the valuation of business property nationwide — premises which are liable for commercial rates.