COUNCILLORS in Mid and East Antrim Borough Council will have an opportunity to hear the outcome of the Non-Domestic Rates Revaluation exercise early in the New Year.
Land & Property Services (LPS) has been conducting a full reassessment of the individual Net Annual Values (NAVs) of all 75,000 business properties in Northern Ireland, and a new Valuation List will be in use from April 2020.
David Ross, LPS Commissioner for Revaluation, is keen to engage with local councillors to communicate the results of the exercise and arrangements are currently being made to facilitate a one-day workshop in January.
Business rate bills are calculated by multiplying the NAV by the non-domestic regional rate in the pound and the non-domestic district rate in the pound for the council area in which the property is located.
New values will be used to calculate future individual rate bills for businesses and organisations.
The last Non-Domestic Revaluation was in 2015. Currently business rates are based on 2013 values.
The new values, based on 2018 values, will be used to calculate future individual rate bills for businesses and organisations.
Mid and East Antrim Borough’s Deputy Mayor, Cllr Beth Adger MBE, encouraged councillors to attend the workshop and familiarise themselves with the new Valuation List.
“Details of this one-day workshop will be circulated to elected members in Mid and East Antrim when finalised. I would encourage all local businesses to review the Revaluation online and keep a watching brief on any changes to their payments.
“Businesses right across Northern Ireland are experiencing pressures from many angles, whether that is the growth of online businesses or the ongoing difficulties facing our high streets in terms of occupancy levels.
“Our business community is vital to Mid and East Antrim Borough and it is important that we, as elected representatives, continue to lobby on their behalf to have fairness and equality in how their non-domestic rates are calculated.
“I would also encourage all our businesses to check their online revaluation and ensure it is correct and, where necessary, relay any concerns to LPS before any final decisions are made.”
More information on the timescale for the publication of the new Valuation List can be found at www.finance-ni.gov.uk