Land & Property Services (LPS) has released draft valuations of all 74,000 businesses in Northern Ireland
Known as Reval2020, this process will result in a new non-domestic Valuation List being used to calculate business rate bills from April 2020. This process is about restoring fairness in the rating system by redistributing basically the same rating burden using more up-to-date values. A revaluation is not about collecting more money from businesses, but it is about ensuring that everyone pays their fair share.
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 results show a modest growth in the total value in Northern Ireland of 6.8 per cent compared to the current Valuation List which is based on 2013 values.
Revaluation: changes to business rate bills
Preliminary outcomes of the revaluation include:
- many high street shops and some shopping centres will see a decrease in rateable value, with some as much as 10 per cent
- many of the edge of town retail parks will remain constant
- some of the largest food stores show a decrease in rateable value of between 5 per cent and 15 per cent
- the office sector shows an overall increase in rateable value of 8 per cent
- the pub trade will see considerable variation in values with notable decreases in some pubs and significant increases in some pubs in busy urban areas
Reval information events
As well as being able to view their new valuation online at a time that suits them, business owners can come along and talk to the Reval2020 team at events across Northern Ireland to find out more about what their new valuation means for them. Reval2020 information events.
If ratepayers are unable to access the required information online they can contact LPS on Tel 0300 200 7801. LPS is encouraging ratepayers with queries about their new valuation to contact them.
Source: NIBUSINESSINFO
