Land & Property Services (LPS), part of the Department of Finance, is contacting business ratepayers to collect rental data for the non-domestic rates revaluation – Reval2020.
Business ratepayers and their advisors in Northern Ireland are obliged to provide rental evidence to LPS with a view to preparing a new Valuation List for use from April 2020.
Letters explaining how ratepayers can submit information are being sent to occupiers of commercial premises. Most ratepayers will be able to submit their details online. LPS will use this information to analyse and interpret the current market and assess the rental value of each and every rateable property, which then will be used to calculate individual business rate bills from 1 April 2020.
Alan Brontë, Commissioner of Valuation for Northern Ireland said: “This is a key stage in the process of revaluing around 75,000 properties occupied by businesses and other bodies. I would urge all business ratepayers to submit the necessary information to enable us to make the system fairer for all; this is not an exercise in raising more money for public services.
“Regular revaluations maintain fairness in the rating system by ensuring that the system of business rates adjusts to reflect the changes in the property market over the past 5 years.”
Tracy Flannigan, RICS Northern Ireland Commercial Property spokesperson, said: “Regular Revaluations are necessary to ensure that changes in rental values are accounted for in the spread of rates and it is important that businesses provide the information required. Doing so helps ensure that there is greater certainty, consistency and stability reflecting local economic conditions and ultimately making the rating system fairer.”
Further information about the process and the revaluation in general can be found at https://www.finance-ni.gov.uk/reval-2020-ni. A helpline (0300 200 7801) is in place to assist ratepayers with any queries they may have regarding completion of the online Reval2020 Rent and Lease Questionnaire.
Notes to editors:
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 2015 using 2013 rental values.
3. There are around 75,000 non-domestic properties in Northern Ireland. Non-domestic rates currently contribute around £610 million a year towards regional services (roads, hospitals, schools etc) and local services (leisure services, waste collection etc) provided by councils.
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 five year period.
5. Reval2020 is an exercise in redistribution. Revaluation in itself does not raise more money for public finances.
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