Land & Property Services publishes draft valuation list for Reval 2026

Land & Property Services (LPS) has released the draft valuation list for non domestic properties as part of Reval 2026.

LPS is encouraging businesses to view the draft list which will be used to calculate business rates from 1 April 2026.

Business rates apply to most non‑domestic premises, including shops, offices, warehouses, factories, hotels, pubs and utilities such as gas, water, electricity and wind farms. 

Non-domestic rates generate around £720 million a year. As part of Reval 2026, LPS has revalued more than 75,000 properties.

Revaluations are based on market evidence and reflect the rent a property could reasonably be expected to achieve on a specific date. Overall, the draft list shows an approximate 15% increase in the total value of non‑domestic properties across Northern Ireland since the last revaluation was carried out. 

Revaluations do not raise additional income; regional and district rate poundages are adjusted to maintain revenue‑neutrality.

Angela McGrath, the Commissioner of Valuation for Northern Ireland, said:

“Reval 2026 is about ensuring that rates are distributed fairly based on current rental evidence. 

“Businesses are currently paying rates based on rental levels that reflect the economic and market conditions during the pandemic in October 2021. Reval 2026 updates this position by using more up‑to‑date rental evidence from April 2024. 

“The majority of non‑domestic properties are expected to see little or no change in their rates liability. 

“I would encourage ratepayers to go online to review the new valuation to be applied to their property and that of similar properties. LPS will review any new or relevant information ratepayers wish to bring forward now and make updates where appropriate before the new valuation list takes effect in April 2026.”

The outcomes of the revaluation include:

• Overall growth in the valuation list of 15% across all property sectors.
• Office values have increased overall by around 9%, driven largely by growth in Grade A offices concentrated in Belfast. 
• Across Northern Ireland, retail property values have increased overall by around 9% compared to Reval 2023, with stronger growth in Belfast and more moderate uplifts elsewhere. Many independent high street retailers will see no change in their NAVs.
• Strong demand from logistics and manufacturing, coupled with limited modern supply, has driven industrial and warehousing rents upward, resulting in an overall sector increase of around 16%.
• During the previous revaluation, the hospitality sector was significantly impacted by the pandemic, resulting in lower rateable values as at the valuation date. While some hospitality businesses will see a decrease in their valuation in Reval 2026, the majority will see a substantial increase due to factors such as improved conditions post-pandemic, expansion and improvement work to premises. This results in a wide degree of variance in the sector.

Although the Revaluation is revenue neutral overall, individual rate liabilities will shift. This means that a percentage increase in a property’s value will not lead to a rate bill rising by the same percentage. That is because poundages will be adjusted ahead of the rate bills issuing and will take account of the growth in property values at Reval 2026. 

Typically, properties that have seen above average increases in their value will likely see their overall rating liability increase, resulting in a higher rate bill. Approximately 67% of properties, meanwhile, are at or below the increase of 15%.

Around 75% of non-domestic properties are currently entitled to some form of rate relief through schemes provided by the Department of Finance, through Land & Property Services, amounting to around a quarter of a billion pounds worth of relief. 

A current consultation for enhancements to the Small Business Rate Relief scheme, which currently supports around 30,000 of the 75,000 non-domestic properties, is also currently ongoing and proposals will take account of the changes to the valuation list resulting from the Reval 2026 process.

You can view the 2026 Draft Valuation List, query a valuation or submit information here.