18 Mar 2008
Commercial properties across Northern Ireland are to be revalued
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, Rt Hon Peter Robinson MP, MLA, 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."
A dedicated helpline will be in place to assist ratepayers with any queries they may have regarding completion of the 'Form of Return'.
NOTES TO EDITORS:
- Business rates are a long established local property tax levied on all non-domestic ratepayers, proportionate to the individual rental value of each property.
- It is necessary, therefore, 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.
- Although most values will increase there will be a corresponding reduction in the tax rate, as the purpose of the exercise is to redistribute the tax due, not increase overall revenues. Some ratepayers will pay less, some more, depending on relative shifts in rental value since 2001.
- The re-valuation was announced in July 2007 by the Finance Minister, Rt Hon Peter Robinson MP MLA.
- It is being taken forward by Land & Property Services, a new executive agency within the Department of Finance & Personnel formed by the merger of the former Vluation & Lands Agency and the Rate Collection Agency. From 1 April 2008 it will be joined by Land Registers of Northern Ireland and Ordnance Survey of Northern Ireland.
- This part of the revaluation involves writing to some 40,000 commercial ratepayers across Northern Ireland providing information about the revaluation and asking them to complete a Form of Return. This provides information about whether they own or rent the property and, if they rent, further information concerning lease details.
- The information packs will be sent to ratepayers from 24 March 2008. We will ask for responses within 28 days and we have a dedicated helpline in place to assist ratepayers with any queries they may have.
- There are approximately 70,000 non-domestic properties in Northern Ireland raising over £0.5 billion pound per year towards regional services (roads, hospitals, schools, etc) and local services provided by District Councils.
- Media enquiries only to DFP Communications Office on 028 9052 7644 or 028 9052 7375. Out of office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be returned.
