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24/03/2023
Reval2023: New Property Valuation List Published
The latest valuation list for non-domestic properties, which will be used to calculate business rate bills that will be issued from the start of April 2023, has been announced by the Land & Property Services.
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 new valuation list is the result of a large scale exercise to revalue all 75,000 non-domestic properties known as Reval2023. This is the third revaluation for businesses in eight years and is a response to calls from business ratepayers here for more frequent revaluations.
Angela McGrath, the Commissioner of Valuation for Northern Ireland, said: "I would like to thank all the business owners who participated in Reval2023 and provided LPS with the information to update property rental values. This revaluation will maintain fairness in the rating system as businesses will pay rates relative to the 2021 rental value of their premises instead of the 2018 value. Around 64% of non-domestic properties will see no change or their rateable value decreasing under Reval2023.
"I would encourage any business owner who has not yet viewed their new valuation to go online and do so. Ratepayers in shops, offices warehouses and industrial properties can see a full breakdown of how their value has been calculated, as well as viewing information for similar properties both in their local area and across Northern Ireland."
Around 75% of non-domestic properties here are entitled to some form of rate relief, such as Small Business Rates Relief, Industrial De-Rating or Sport and Recreation Relief.
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 new valuation list is the result of a large scale exercise to revalue all 75,000 non-domestic properties known as Reval2023. This is the third revaluation for businesses in eight years and is a response to calls from business ratepayers here for more frequent revaluations.
Angela McGrath, the Commissioner of Valuation for Northern Ireland, said: "I would like to thank all the business owners who participated in Reval2023 and provided LPS with the information to update property rental values. This revaluation will maintain fairness in the rating system as businesses will pay rates relative to the 2021 rental value of their premises instead of the 2018 value. Around 64% of non-domestic properties will see no change or their rateable value decreasing under Reval2023.
"I would encourage any business owner who has not yet viewed their new valuation to go online and do so. Ratepayers in shops, offices warehouses and industrial properties can see a full breakdown of how their value has been calculated, as well as viewing information for similar properties both in their local area and across Northern Ireland."
Around 75% of non-domestic properties here are entitled to some form of rate relief, such as Small Business Rates Relief, Industrial De-Rating or Sport and Recreation Relief.
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