NI Business Rates Reviewed

Commercial properties in Northern Ireland are to undergo a rates revaluation in the coming months.

Land & Property Services (LPS), an agency of the Department of Finance & Personnel, will be contacting occupiers of commercial premises later this month as part of the non-domestic rating revaluation announced by the Finance Minister, Peter Robinson in July last year.

Commenting on the issuing of the 'Forms of Return' seeking rental information, Mr Robinson pointed out that it was important to have the most up to date information.

He said: "Revaluation is an essential component of the property taxation system, ensuring that rates liability is fairly distributed across all sectors in line with current rental values.

"By providing the information requested by LPS commercial ratepayers will ensure that the values assessed are accurate and fair."

David Rainey, Commissioner of Valuation for Northern Ireland, and responsible within LPS for carrying out the revaluation explained: "We are carrying out the revaluation to achieve a fair and equitable distribution of the rate levy.

"We are contacting commercial ratepayers throughout Northern Ireland seeking information on the properties they occupy. This information is important to ensure that our assessments are accurate, up to date and based on market values as at April 2008."

Business rates are a long established local property tax levied on all non-domestic ratepayers, proportionate to the individual rental value of each property and it is necessary, to periodically re-value the entire stock of non-domestic property. The last revaluation took place in 2003 using 2001 rental values - the one before that was 1997.

A dedicated helpline will be in place to assist ratepayers with any queries they may have regarding completion of the 'Form of Return'.

(BMcC)