Business Rates are a significant input cost for manufacturers given the size and scale of premises. Manufacturing NI secured a 70% discount for your business back in 2007 and we continue to work to ensure this discount is applied and that Council's and Stormont set a reasonable rate poundage to apply to your property.
Land and Property Services have completed their work in valuing all non-domestic properties in Northern Ireland. The results of "Reval 2020" have just now been published.
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.
The results show a modest growth in the total value in Northern Ireland of 6.8% compared to the current Valuation List which is based on 2013 values.
The growth in the total value of the Valuation List does not translate into a corresponding overall increase in your rate bills. Your property may have been valued at a higher or indeed lower rate of increase.
The best way to check is to look at your current Rates bill and get your unique property number. You will then be able to check your current valuation (on your existing bill) against this new valuation.
Now, for the first time you can also use the Spatial NI website to check your individual property and those around you to ensure the valuation is accurate.
As overall values have increased by 6.8% since 2013, if your increase is less than this then provided your Council's District Rate and the Regional Rate poundage’s remain the same as today your bill should come down.
It is important to remember, the Department of Finance are currently undertaking a fundamental review of Business Rates including looking at the exemptions and discounts such as the Industrial Derating discount which Manufacturing NI secured on behalf of your business.
If you are unable to access the required information online then contact LPS on 0300 200 7801.
If you are unsure about your valuation or believe there is a mistake, then LPS is encouraging ratepayers with queries about their new valuation to contact them too.