Property Re-evaluation To Make Rates 'Fairer'

The Department of Finance and Personnel’s Land & Property Services (LPS) has re-evaluated all 73,000 non-domestic properties in Northern Ireland in a bid to re-distributed rates in a fairer way.

The new values will be used to calculate business rate bills from 1 April 2015.

In Northern Ireland, business rates are charged on most non-domestic premises including shops, offices, warehouses, factories, hotels and pubs including utilities such as gas, electricity and wind farms.

LPS said it was releasing the figures early in order that business ratepayers can see the new valuations before rates are struck.

Final values will published in February, with business rate bills issued in April.

Finance Minister Simon Hamilton commented: "I welcome the timely release of these draft rateable values. While actual rate bills can’t be worked out until the Northern Ireland Executive and the district councils set their rate poundages in February 2015, this release of draft rateable values gives business ratepayers early information with the opportunity to review the draft values now for their individual properties.

"Rates provide funding for essential regional services such as health and education as well as district council services like cemeteries, parks and leisure facilities. The revaluation means that from next year, ratepayers will contribute to the funding of services relative to their 2013 rental value, instead of 2001 values as at present."

An analysis of the current full set of 73,000 new values indicates that overall growth is in the region of 8%.

(IT/CD)