ommissioner for Valuation at Land & Property Services (LPS), Angela McGrath is encouraging businesses to take part in the revaluation of non-domestic properties, which launched last month.
Known as NI Reval2023, the process to gather rental evidence and other information will result in a new non-domestic Valuation List coming into effect in April 2023, when new rate bills issue to all businesses.
The last revaluation of business properties was in 2020 and was based on 2018 rental values. Since then we have experienced a time of unprecedented economic change and are seeing the knock on effect on property markets.
As Covid-19 affected every aspect of our lives, the Department of Finance put in place an unprecedented rates support package totalling over £500m for many sectors and introduced a range of grant schemes.
While many businesses continue to face challenges, this revaluation will provide a current picture of rental values and maintain fairness across the rating system. Businesses have been calling for more regular revaluations and we are the first devolved administration to move towards a three year revaluation cycle.
More frequent revaluations help ensure economic changes are factored into the rates businesses pay. Revaluation is not about collecting more money from businesses but ensuring everyone pays their fair share. The same rating burden will be redistributed using more up to date rental values.
Rates are an essential source of funding for the public services we all use. Each year business and household rates generate over £1 billion, helping to fund essential public services such as our education, health and infrastructure as well as the wide range of functions undertaken by our district councils.
NI Reval2023 is about bringing rateable values into line with October 2021 property values. The new rateable values will change what one property pays relative to another, according to how their individual values have changed. This is only one aspect of the rating process. The multipliers (known as rate poundages), which are used to calculate our business rates both at regional and district council level, then adjust proportionately after a revaluation to take account of the overall total change of value and the two parts combined result in new rates bills in April 2023.
Last month, Land & Property Services wrote to businesses inviting them to complete a Rent and Lease questionnaire. I am encouraging all businesses to play their part in rebalancing business rates by returning the information requested as soon as possible and by the deadline of 31st December 2021.
To find out more about NI Reval2023 and for help completing the questionnaire visit www.finance-ni.gov.uk/reval2023.