AQW 39177/22-27

Mr Eóin Tennyson
Alliance Party
Upper Bann

Tabled Date: 27/01/2026
Answered On Date: 16/02/2026
Priority Written: No

Question:
To ask the Minister of Finance whether an economic impact assessment was carried out as part of Reval2026.

Answer:

Revaluation is a statutory exercise carried out under the Rates (Northern Ireland) Order 1977, which sets out the legal framework within which all nondomestic properties must be assessed for rating purposes. The legislation sets the basis of value as a rental value at a fixed valuation date, and the Valuation Service is required to determine Net Annual Values on that basis.

The purpose of a revaluation is to ensure that the rates burden is redistributed based on the most up to date market evidence available. This ensures there is fairness in the rating system based on the property market at a point in time.

In regard to an economic impact assessment, the revaluation process as the revaluation itself reflects the economy.

As the Member will be aware, I announced on 29 January that I was stopping the Reval 2026 process.

I would direct the Member to my oral statement to the Assembly:

Finance Minister Oral Statement - Reval 2026 | Department of Finance