Land & Property Services (LPS) is encouraging non-domestic ratepayers to send through rental information as Reval2023 gets underway.
Finance Minister Conor Murphy urged businesses to participate, saying: “Business owners and trade bodies have been calling for more regular revaluations. Reval2023 responds to these calls, putting us on a three year revaluation cycle.
“Revaluing over 74,000 non-domestic properties is a significant undertaking and it is important that all business ratepayers play their part.”
This week, business owners will receive an online code or paper questionnaire in the post, enabling them to provide LPS with all the information required to revalue their business.
The valuation team at LPS will use rental evidence and other supporting information to prepare a new valuation list, based on October 2021 rental values. This new list will then be used to calculate rates bills from 1st April 2023.
Minister Murphy adds, “Business rates provide around £675m each year to support the public services we all use. Rates help to fund our hospitals, schools and roads as well as the essential services Councils deliver every day.
“Our aim is to ensure the rating system is distributed fairly across all business sectors. By fully providing the required information, business ratepayers will help ensure valuations reflect changes in the property market and economic conditions over the last three years. ”
While the deadline to complete and return the online or paper Rent and Lease questionnaire is 31st December 2021, businesses are encouraged to act now to ensure they have all the information needed to respond when asked. For further information and advice about Reval2023, visit www.finance-ni.gov.uk/reval2023.
Notes to editors:
Photo caption: Finance Minister Conor Murphy and Commissioner of Valuation Angela McGrath launch Reval2023
1. Business rates are a long established local property tax levied on all non-domestic ratepayers, proportionate to the rental value of each property.
2. It is necessary to periodically revalue all non-domestic properties. The last revaluation took place in 2020 using 2018 rental values.
4. Regular business revaluations will ensure that the rating system remains closely aligned to market values for business ratepayers and that the new revaluation is completed within a three year period.
5. Reval2023 is an exercise in redistribution. Revaluation in itself does not raise more money for public finances.
6. Media enquiries should be addressed to the Department of Finance Press Office on Tel: 028 9081 6724 or email firstname.lastname@example.org
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