Land & Property Services (LPS) has completed the revaluation of all non-domestic properties in Northern Ireland for rates purposes. A Schedule of Draft Rateable Values is now available to view. These values will be used to assess rate bills from April 2015 onwards.
Currently non domestic (business) rate bills are based on 2001 rental values. From April 2015 they will be based on 2013 rental values. This will rebalance business rates because the proportion of the rate burden (what each ratepayer pays) will be shared out relative to the 2013 rental value of their property. The new values are informed by rents and trading information provided by ratepayers.
What do the new values mean?
• the rateable value is an estimate of the annual rental value of the property, as at April 2013
• your rateable value will be used to calculate your rate bill for 2015-2016
• a change in your rateable value does not necessarily mean a similar corresponding change in your rate bill
• a rateable value is assessed for every property whether it is rented, vacant, or owner-occupied
• if your property is changed and revalued between now and February 2015, then the draft value will change when the new Valuation List is finally published
• all changes to draft rateable values will be updated on this website
• rate bills for 2015-2016 cannot be calculated until the District Councils set the District rate poundages and the NI Executive set the Regional rate poundage. This will happen in February 2015
What should I do if I have questions?
A range of frequently asked questions and answers are available on the Land and Property Services website