LPS Begins Work On Re-evaluation Of Business Properties In NI

Land & Property Services (LPS) have announced that work is begin on re-evaluating all non-domestic, business properties in Northern Ireland.

The new values will be used to calculate future individual rate bills for businesses and organisations. The revaluation exercise will ensure that the rating system is more up to date, better reflecting local economic changes and making the rating system fairer.

LPS has said that for a revaluation project of this scale and complexity, a two and a half year lead in time is required to revalue over 75,000 non-domestic properties.

The last revaluation of non-domestic properties in Northern Ireland was in 2015 and was based on April 2013 rental values.

Responses to the Department of Finance's Review of the NI Non-Domestic Rating System supported regular business revaluations. This will ensure that the rating system remains closely aligned to market values for business ratepayers and that the new revaluation is completed within a five year period. This is an exercise in redistribution and revaluation and in itself does not raise more money for public finances.

(MH)