Rates revaluation for commercial properties in the North

All commercial properties in the North are to undergo a rates revaluation over the coming months, it was announced today.

The Land & Property Services agency of the Department of Finance & Personnel will be contacting occupiers of commercial premises this month as part of the non-domestic rating revaluation announced by Finance Minister in the North Peter Robinson last July.

Commenting on the issuing of ’Forms of Return’ seeking rental income, Mr Robinson said it was important to have the most up to date information.

“Revaluation is an essential component of the property taxation system, ensuring that rates liability is fairly distributed across all sections 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,” said the minister.

His department insists the aim of the exercise is not to increase revenue but to redistribute tax due through the revaluation.

While some will pay more others will end up paying less, depending on the relative shifts in rental values since the last revaluation in 2003 which was based on 2001 rental values.

David Rainey, Commissioner of Valuation for the North, responsible with the LPS for carrying out the revaluation said: “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.”