Finance Minister, Conor Murphy is urging businesses to submit their rental information for Reval2023 to ensure their future rates bills are informed by up to date data.
Businesses must return their Reval2023 questionnaire by 31 December and reminder letters will be issued to businesses this week. Land & Property Services 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.
Encouraging businesses to participate, Minister Murphy said: “Business owners and trade bodies have been calling for more regular revaluations. Reval 2023 will reflect changes in the property market and economic conditions brought about by the pandemic. This is the opportunity for businesses to submit information to help inform the valuation which their 2023 rates bills will be based on. With one month to go, I am calling on all business sectors to complete and return their questionnaires without delay.
“Revaluing over 74,000 non-domestic properties is a significant undertaking and it is important that all business ratepayers play their part and return the necessary information promptly.”
Completing the questionnaire is simple and Land & Property Services has experienced valuers available to help any business owner who needs advice. The majority of businesses will be able to complete the questionnaire online using a unique code. A small number of sectors have been sent a paper questionnaire in the post, enabling them to provide the information required to revalue their business.
Minister Murphy adds, “The income from business rates is vital, providing 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. I am committed to a three year cycle of revaluations to ensure every sector pays its fair share.”
The deadline to complete and return the online or paper Rent and Lease questionnaire is 31st December 2021 and businesses are encouraged to act now and return the information requested. For further information and advice about Reval2023, visit www.finance-ni.gov.uk/reval2023.
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 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.
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