Why Land & Property Services is revaluing non-domestic properties
LPS is revaluing all business properties in Northern Ireland and the new values will be used to calculate rate bills for businesses and organisations from April 2020. The revaluation will ensure that the rating system stays up-to-date, reflects local economic changes and makes the system fairer by redistributing rate liability fairly across all sectors in line with changes in market rental values.
The last revaluation of business properties in Northern Ireland was in 2015 and was based on April 2013 rental values.
This ensures that the rating system remains closely aligned to market values for business ratepayers and that the new revaluation is completed within a five year period.
Watch: How we calculate business rates
Watch: How we assess what rates licensed premises should pay