22 September 2021
Land & Property Services Reval2023 will shortly begin. Revaluation of business properties is due to start in October 2021.
At revaluation, Land & Property Services (LPS) adjusts the rateable value of business properties to reflect changes in the property market. This autumn LPS will revalue over 74,000 business properties to ensure business rates stay up-to-date and reflect local economic changes.
Regular revaluations distribute rates fairly across all business sectors, taking into account changes in rental values.
The amount of money to be raised through rates will not change as a direct result of NI Reval2023 and many businesses will see little change in their rate bills.
The last revaluation of non-domestic properties in Northern Ireland was in 2020 and was based on April 2018 rental values. Once NI Reval2023 is complete, the rateable values will be in line with property rental values as at 1 October 2021.
These values will be used to calculate rate bills from 1 April 2023.
To make sure your valuations are accurate, you may need to give LPS up-to-date rental evidence and other information for your property at revaluation. It’s important to complete the information fully and return your questionnaire before 31 December 2021.
Key Dates to remember
- 1 October 2021: This is the valuation date for NI Reval2023. LPS will begin to invite businesses to complete a Rent and Lease Questionnaire (RALQ)
- 31 December 2021: Deadline for businesses to complete RALQs
- 1 April 2023: New rate bills issued. These will be based on October 2021 rental property values.
If you any have queries about NI Reval2023 we are here to help.