Finance Minister, Conor Murphy has today announced a revaluation of all 74,750 non-domestic properties, delivering on his commitment for more frequent revaluations here.
Known as ‘Reval2023’, this process will result in a new non-domestic Valuation List being used to calculate business rate bills from April 2023.
Announcing the revaluation, Minister Murphy said: “The Covid-19 pandemic has had a dramatic impact on the economy resulting in changes between business sectors and this will feed through to changes to the rental values of many properties.
“Although the last revaluation was just over a year ago in 2020, I have asked Land & Property Services to bring forward another revaluation in the shortest possible time.
“Reval2023 will maintain fairness and ensure businesses are paying rates which take account of the impact of the pandemic.”
Commenting on support provided to businesses, Minister Murphy added: “Since April 2020, I have provided over £500 million of additional business rates support, with many businesses paying no rates at all over two years. The Executive has also provided significant financial support to businesses in the form of grants.
“As we look ahead to economic recovery and given the large scale of a revaluation it is important this work gets underway now.”
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.
Land & Property Services will begin collecting property information from business ratepayers later this year. This important information will form a database of new rental values as at 1 October 2021, instead of the current 2018 values, and will be used in assessing new rateable values for every property.
Notes to editors:
- Previous non-domestic revaluations took place in 2003, 2015 and 2020. The last revaluation in 2020 was based on 2018 values.
- Revaluations form part of the normal cycle of a property based business rates system. Revaluations are about redistributing how the business rate burden is shared using updated valuations – they are not about raising more revenue.
- The last revaluations in England, Scotland and Wales were in 2017; all three will also have revaluations coming into effect in 2023.
- Domestic ratepayers are not affected by the non-domestic revaluation. There are no current plans to carry out a revaluation of domestic properties here. The last one took place in 2007.
- Further information on Reval 2023 can be found at www.finance-ni.gov.uk/reval2023
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