Almost 75,000 Northern Ireland businesses to receive new rates valuations
Non-domestic rates currently generate around £650 million a year in Northern Ireland.
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Your support makes all the difference.Almost 75,000 non-domestic properties in Northern Ireland are to receive new valuations for their business rates bills from April.
Known as Reval2023, the process by Land and Property Services (LPS) will result in a new non-domestic valuation list based on an assessment of the market rent for the property.
Non-domestic rates currently generate around £650 million a year in Northern Ireland.
Business rates are charged on most non-domestic premises, including shops, offices, warehouses, factories, hotels and pubs as well as utilities such as gas, water, electricity and wind farms.
The amount of money raised through rates will not change as a direct result of Reval2023. The purpose of this revaluation is to maintain fairness in the rating system, not to raise more revenue
The outcomes of the LPS revaluation include:
– Many hospitality businesses will see values going down. There is a broad decrease in the value of pubs of 15% across Northern Ireland, and hotels are seeing a decrease of 24% on average.
– The value of retail property is down on many high streets and shopping centres, while neighbourhood supermarkets and smaller multiple supermarkets are generally up.
– The office sector across Northern Ireland shows an overall increase in rateable value of 10%.
– Warehouse and storage property is up by 12% across the region.
– Manufacturing property is up by 11%.
– Renewable energy assets are seeing an increase of on average 70%.
This revaluation has been delivered only three years since the last valuation list was published in March 2020.
This is the shortest time between revaluations ever delivered in any UK jurisdiction and is a response to calls by business ratepayers in Northern Ireland for more frequent revaluations, the LPS said.
Almost two-thirds (64%) of properties will see no change or their rateable value decreasing under Reval2023.
LPS commissioner of valuation Angela McGrath said: “The revaluation means that, from April, ratepayers will contribute to the funding of essential public services such as health, education and infrastructure as well as a wide range of council services relative to their 2021 rental value, instead of 2018 values as at present.
“The amount of money raised through rates will not change as a direct result of Reval2023.
“The purpose of this revaluation is to maintain fairness in the rating system, not to raise more revenue.”
She added: “Ratepayers can view the draft schedule of values on the Spatial NI platform.
“I would encourage business ratepayers to go online and view the new draft values for their properties ahead of rate bills issuing in the spring.”
Retail NI chief executive Glyn Roberts said: “Retail NI will be engaging with its members on the impact of this and will provide guidance to any independent retailer that sees an increase in their valuation.
“If business owners are unhappy with their valuation, they can appeal, and we would encourage them to do so.”