Rates Reval Revealed - Some Winners, Some Losers
Reval 2015 NI is the process by which Land & Property Services (LPS) revalued all non-domestic properties for rates. The intention is to restore 'balance' by redistributing the rate burden between business ratepayers in a fairer way. The overall amount of money to be raised through rates will not change.
What stage is the Revaluation at now?
LPS valuers have produced a draft rateable values for 73,000 non domestic properties. The total values have been provided to the Department of Finance and Personnel, and to the new Councils to enable work on setting the new Regional and District rate poundages for 2015-16. The new rate poundages will be set in February 2015. It is only at that time that rate bills can be calculated.
What happens next?
A schedule of Draft Values. Ratepayers may access the schedule of values and a wide range of helpful advice at www.reval2015ni.gov.uk. This is the first opportunity for you to view the new draft rateable value of your property and to compare it to similar properties in your locality. The new Valuation List will be published in February 2015 and LPS will issue rate bills in April 2015 using the new values.
What does it all mean for rate bills?
With every revaluation exercise, there will be winners and losers, but many ratepayers will not find their bills changing very much.
We recommend that you check online at your proposed new valuation. If you have any issues, then contact the LPS directly first. If you still have issues after this, then we recommend you speak to local surveyors for advice. MNI have a preferred list of locally based rates specialists. If you would like their help, then drop us an email or give Stephen Kelly, our CEO a call.