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Annual value for Schedule A.
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10.—(1) This section applies, save as otherwise provided in this Part, to the annual value of all property with reference to which tax under Schedule A is to be charged.
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(2) The annual value of all property shall, except in the cases mentioned in the subsequent provisions of this section, be five-fourths of the rateable valuation of the property for the time being.
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(3) The annual value of lands and of farmhouses and farm buildings occupied with lands for the purpose of farming such lands shall be the rateable valuation thereof for the time being.
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(4) The annual value of all property situate in the County Borough of Waterford shall be the rateable valuation of the property for the time being.
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(5) Where the annual value with reference to which tax is to be charged on any property in pursuance of subsection (2) includes (when computed in accordance with that subsection) a fraction of one pound which is not five shillings or a multiple of five shillings, such fraction of one pound may—
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(a) where it exceeds ten shillings, be reduced, for the purpose of such computation of such annual value, to the next lower multiple of five shillings, or
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(b) where it exceeds five shillings but is less than ten shillings, be reduced, for the purpose aforesaid, to five shillings, or
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(c) where it is less than five shillings, be disregarded for the purpose aforesaid.
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(6) Where, in pursuance of subsection (2), tax has been charged for any year of assessment on property with reference to an annual value computed in accordance with that subsection, and the valuation of the property in force in that year of assessment for the purposes of the county rate or the municipal rate is subsequently reduced, and the reduction becomes operative for the purposes of the county rate or the municipal rate not more than three years after the end of that year of assessment, the Revenue Commissioners, if they are of opinion that relief in respect of the said tax so charged for that year of assessment should be granted with reference to an annual value computed at five-fourths of the said valuation as so reduced, may grant such relief by repayment or otherwise.
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