Reval 2015 NI - Update

Reval 2015 NI -  Update


The Non-domestic Revaluation has reached a significant milestone with draft valuations having now been produced for all 73,000+ business properties in NI.

The Finance Minister, Simon Hamilton MLA, has today announced the online release of a Schedule of draft rateable values for business properties.

The Schedule of Draft Values has been released on the dedicated Reval 2015 NI website www.reval2015ni.gov.uk and business ratepayers are invited to view their new valuation.

 

Reval 2015 NI is the process by which Land & Property Services (LPS) will revalue all non-domestic properties in Northern Ireland for rates. Once complete the rateable value of all non-domestic properties will be in line with property values as at 1 April 2013, i.e. the date of valuation. This will restore balance to the rating system by redistributing the rate burden between business ratepayers in a fairer way.

 

The overall amount of money to be raised through rates will not change as a direct result of Reval 2015 NI.

 

What stage is the Revaluation at now?


 

After a period of detailed analysis, essentially getting to grips with the market values in every street and town in Northern Ireland, LPS valuers have completed the task of assessing draft rateable values for each of the 73,000 non domestic properties. The total values have been provided to the Department of Finance and Personnel, and to the new Councils to enable work on setting the new Regional and District rate poundages for 2015-16. The new rate poundages will be set in February 2015. It is only at that time that rate bills can be calculated.


What happens next?

We are now releasing a schedule of Draft Values. Ratepayers may access the schedule of values and a wide range of helpful advice at

www.reval2015ni.gov.uk

 

This is the first opportunity for business ratepayers to view the new draft rateable value of their property and to compare it to similar properties in their locality. The new Valuation List will be published in February 2015 and LPS will issue rate bills in April 2015 using the new values.

 

What does it all mean for rate bills?

With every revaluation exercise, there will be winners and losers, but many ratepayers will not find their bills changing very much.

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