AQW 28392/17-22
Ms Claire Sugden
Independent
East Londonderry
Tabled Date: 20/01/2022
Answered On Date: 27/01/2022
Priority Written: No
Question:
To ask the Minister of Finance, pursuant to AQW 27271/17-22, for an update on the NI Reval 2023 non-domestic rates review.
Answer:
Land & Property Services (LPS) has started work on the revaluation of all Non Domestic properties to ensure that business rates stay up-to-date and reflect economic changes in the local property market. This follows the last Non-Domestic Revaluation which was in 2020. The new values will be based on a statutory rental valuation date of 1st October 2021. A non-domestic revaluation necessitates the collection of rental evidence. LPS has developed a bespoke suite of online rent and lease questionnaires (RALQs) to facilitate the collection of rental information electronically. LPS issued letters to non domestic ratepayers inviting them to complete a RALQ from October 2021. To date over 24,000 ratepayers have completed these returns. LPS has made it clear that ratepayers still have time to submit their RALQ, but should do so urgently to ensure the opportunity to provide relevant information isn’t missed. LPS is now verifying and analysing the RALQ information received to date. The information collected will be used to produce new rateable values. These will be used to calculate business rate bills from April 2023. Engagement with ratepayers and their professional and trade representatives has been ongoing during the revaluation project and will continue to take place through the remaining 14 months. Progress on Reval2023 remains on track to achieve the new effective date of 1 April 2023.
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