AQW 3554/22-27

Mr Eóin Tennyson
Alliance Party
Upper Bann

Tabled Date: 26/09/2022
Answered On Date: 29/09/2022
Priority Written: No

Question:
To ask the Minister of Finance for an update on the NI Reval 2023 non-domestic rates review.

Answer:

I announced the Non Domestic Revaluation in June 2021.

The aim of a revaluation, which involves the reassessment of 74,500 commercial properties for business rates, is to redistribute the overall burden of rates in accordance with changes in value in the property market between sectors and locations, at the statutory valuation date of 1 October 2021. It is a revenue neutral exercise.

To date, LPS has completed 83% of draft valuations and aims to have completed the remainder by 31 October 2022. Following this, LPS valuers will complete a period of Valuer Review to quality assure the draft values.

LPS aims to be in a position to publish a draft schedule of valuations online in January 2023. Although the District Rate and Regional Rate may not be known at this point, publication of the draft schedule of values will give ratepayers an opportunity to view their updated valuation and request an informal review, if they consider information they have has not been taken into consideration in arriving at their valuation.

The New Valuation List will be published at the end of March 2023 and will take effect from the 1st of April 2023 for billing purposes.