Yards (Non Domestic Valuation practice notes)

These Practice Notes were developed for the purpose of revaluing non domestic property in Northern Ireland as part of Reval2023. They were produced primarily as guidance for LPS Valuers to ensure, amongst other things, consistency of approach and practice in rating valuations.

Scope

The scope of this Practice Note is solely to ensure a consistent valuation approach for this Property Class / Subclass / Type for Non Domestic Revaluation 2023 and subsequent entry in the new Valuation List which becomes effective on 1^st April 2023.

The basis of valuation for new entries in the Valuation List, and Rating Revision cases after 1^st April 2023, is Schedule 12 (2)(1) of the Rates (NI) Order 1977.

Description

This Practice Note only refers to stand alone yards as classified below:

Class:                   Sites and Yards
Sub Class:          Yard
Type:                    Builder’s Yard
  Coal Yard                                                                                      Miscellaneous Yard
  Scrap Yard
  Timber Yard

Class:                   Sites and Yards
Sub Class:           Vehicle Park
Type:                    Private
  Public

There are currently 505 entries in the Valuation List for properties of this class.

Note
Yards occupied and used as car washes are valued under a separate Practice Note.

Legislative Background

Schedule 12 Part 1 Paragraph 1 of the Rates (NI) Order 1977 applies.

“Subject to the provisions of this Schedule, for the purposes of this Order the Net Annual Value of a hereditament shall be the rent for which, one year with another, the hereditament might, in its actual state, be reasonably expected to let from year to year, the probable average annual costs of repairs, insurance and other expenses (if any) necessary to maintain the hereditament in its actual state, and all rates, taxes or public charges (if any), being paid by the tenant”.

Valuation approach for 2023

The Comparative method of valuation is to be retained as the approach for this type of hereditament.

Ancillary buildings within the curtilage of the yard will be valued using the comparative method of valuation having regard to local tone.

Yards which are part of a warehouse, factory or similar property

Yards attached to warehouses, factories or similar properties are valued in line with the guidance in the LPS Bulk Class Practice Note.

Plant & Machinery

Rateable plant and machinery is valued by referencing the Reval2023 LPS Cost Guide.

Rent and lease questionnaire

For this class of property Rent & Lease Questionnaires (RALQs) were issued centrally and analysed by the Practice Note author.

Contacts

For advice on any aspect of this Practice Note contact LPS on 0300 200 7801.