AQW 39177/11-15

Ms Claire Sugden
Independent
East Londonderry

Tabled Date: 21/11/2014
Answered On Date: 09/01/2015
Priority Written: No

Question:
To ask the Minister of Finance and Personnel for his assessment of the impact that rebalancing business rates will have on businesses investing in Coleraine, given that business properties on streets leading to the town centre are facing increases.

Answer:

The impact of the revaluation cannot be fully understood until new District and Regional rate poundages are known in February next year. However, the results are very much as expected, so as a revaluation seeks to follow the market, some Net Annual Values (NAV) have fallen and others have risen, based on the analysed market rental evidence. The outcome shows central prime retail values in Coleraine reducing and the secondary streets showing growth from much lower 2001 levels of value, thereby narrowing the differential between primary and secondary areas. The realignment of NAV to current values, results in increases for some parts of Coleraine leading to the town centre, although still at a lower level; this rebalancing represents a fairer share of business rates.

I would share the hope of local trade bodies that a reduction of rates in prime areas of the town will regenerate the whole town centre bringing increased trade for the benefit of everyone, including those areas that will see an increased rate liability.