Following his announcement last year that the revaluation of business premises due in 2010 would be postponed until April 2011, Finance Minister Sammy Wilson today announced his decision not to proceed with the revaluation of non domestic properties, planned for April 2011 at all.
Speaking about his decision, the Minister said: “I announced last year that I was postponing the revaluation of non domestic properties until 2011. I had taken this decision in light of the instability in the local commercial property market, to allow time for the market to recover. I also wanted Land and Property Services to monitor the market and, if possible, review the valuations to reflect the changed conditions.
“The analysis my Department has undertaken over recent months supports the Commissioner of Valuation’s view that there is insufficient market evidence at this time to establish a reliable new Valuation List of non domestic properties. The analysis also suggests that, if the revaluation proceeded, it would fall well short of international valuation standards. I cannot allow this to happen because the stability of the tax base is all important, not simply for the Assembly but for local government finances as well.
“Unfortunately, while there are some signs of recovery in the wider economy, I do not believe that the commercial property market has stabilised sufficiently to allow a revaluation to proceed with any confidence.”
The Minister concluded: “I know there will be some who will be disappointed with this decision. However, I think a cancellation is in the best interests of the business community, as well as the local councils who rely on certainty in these matters to plan for the future.”
In order to avoid any further uncertainty, the Minister has also announced that the next revaluation will now take place in April 2015 with a likely valuation date of April 2013. Northern Ireland Manufacturing will be discussing the issue with the Valuation and Lands Agency in the coming days and will keep members informed as the issue progresses. The present valuation list which is based on 2001 property values will continue in force.