A NEW Business Incentive Scheme aimed at providing some financial relief for the owners of vacant properties was introduced as part of Limerick City and County Council’s 2015 budget.
Rather than a universal bill of 50 per cent of the going annual commercial rate, as had already been the case in Limerick city, a sliding scale of charges will now be introduced.
In a move that is aimed at softening the blow for the owners of smaller or rural commercial properties, charges will now be dependent on the rate that the property would be liable for if it was occupied.
Properties that incur a commercial rate of less than €2,500 will now pay nothing, those liable for rates of €2,500 to €9,999 will pay 50 per cent, while those eligible for rates in excess of €10,000 will pay 75 per cent of the commercial rate.
It is hoped that the scheme will be of benefit to the owners of small businesses that have ceased trading, who do not have the means to pay high commercial rates.
Cllr James Collins, leader of the Fianna Fáil metropolitan group, told the Limerick Post: “The rationale behind this is there is a belief that there are people who own large commercial properties in the city centre, and they’re happy to sit on those properties and leave them vacant rather than allowing their competitors to move in.
“So we asked if we could devise a sliding scale where the larger properties pay a higher percentage and smaller properties with a smaller rental value pay a lower percentage, if any.”
