The draft schedule of values is the list of values that will be used from 1 April 2023 to calculate non-domestic rate bills.
Known as Reval 2023, this revaluation process will result in a new non-domestic Valuation List being used to calculate business rate bills from April 2023. The draft property valuations are now available online for ratepayers to view.
Background to the revaluation
In October 2021, Land & Property Services (LPS) issued Rent and Lease Questionnaires (RALQs) to the occupiers of most non-domestic properties across NI, requesting their current lease and rent details. In some cases, we requested information on trading and accounts.
All the rental information was analysed and reviewed to produce new Net Annual Values (NAVs) for a new Valuation List. These values have now been published in a draft schedule and are available online for anyone to check.
New rateable values
Rateable values in the draft schedule are based on rental levels as of 1 October 2021, a date which was set by legislation. That is why LPS contacted ratepayers in October 2021 asking for rent and lease information.
The valuation details presented in the draft schedule is not your rate bill, it is only one part of the calculation. The other parts are; the regional rate (set by Northern Ireland Executive), the district rate (set by the district council where the property is located), and any reliefs you are entitled to which LPS applies to your bill automatically.
See further information on how business rates are calculated.
Viewing the draft schedule
View the draft schedule and find out more information about Reval2023.
Information regarding domestic properties is not available in the draft schedule as there was no revaluation of domestic properties. Details of any domestic property valuations can be found on the current valuation list.
Source: nibusinessinfo
