Revaluation 2020 NI (Non-Domestic Property)April 11, 2018
Land and Property Services (LPS) is presently working on a non-domestic rates revaluation exercise which will affect approximately 75,000 commercial premises in Northern Ireland. Such revaluation was announced late last year with a view to preparing a new Valuation List for use from April 2020.
Such rates revaluation means a full reassessment of the individual Net Annual Values (NAVs) of the non-domestic properties affected. The new values will be based on 2018 values and these new NAVs will then be used in the calculation of future rates bills for businesses and organisations. Currently business rates are based on 2013 values.
It is envisaged a draft Valuation List will be published in November 2019.
LPS will be in touch with the relevant businesses and organisations in Spring 2018 to obtain rental details and in some cases, details of turnover or throughput of the property, for example, licenced premises or petrol filling stations will be required to assist in the assessment.
There are presently no plans to have a domestic property revaluation and the above relates solely to non-domestic property in Northern Ireland.
This article has been produced for general information purposes and further advice should be sought from a professional advisor. Please contact our Commercial Property Team at Cleaver Fulton Rankin for further advice or information.