Businesses encouraged to participate in Reval2026 to make the evaluation more effective
Finance Minister Dr Caoimhe Archibald MLA has urged businesses to participate in a rates revaluation exercise to help inform future bills.
Reval2026 letters are due to arrive at businesses over the coming weeks, inviting them to submit rental and other market evidence to Land & Property Services (LPS).
The information will contribute to the creation of a new non-domestic valuation list which will be used for the calculation of business rates from April 2026.
Business rates are a long-established local property tax levied on all non-domestic ratepayers, proportionate to the rental value of each property.
Business rates are charged on non-domestic premises including shops, offices, warehouses, factories, hotels, pubs and utilities such as gas, water, electricity and wind farms.
It is necessary to periodically revalue all non-domestic properties.
The last revaluation took place in 2023 using 1 October 2021 rental values. Reval2026 will be based on an estimate of rental values at the 1 April 2024.
Minister Archibald said: “This year local businesses have contributed around £690 million in rates which helps fund vital public services including education, emergency services, leisure facilities, tourism and waste management.
“Reval2026 provides businesses an opportunity to have their say and ensure the accuracy and fairness of their bills in the new valuation list.
“The overall amount raised through rates will not change directly as a result of Reval2026.
“A revaluation is about maintaining fairness within the rating system and to do this we need up-to-date information.
“I encourage all business ratepayers to reply to LPS requests for information in relation to Reval2026.
“Completing the questionnaire is simple and Land & Property Services has experienced valuers available to help any business owner who needs advice.”
The deadline to complete and return the Rent and Lease questionnaire is 30 June 2024.
Businesses are encouraged to act now and return the information requested.
The easiest way for businesses to submit their information is online and by visiting:
www.finance-ni.gov.uk/reval2026
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Regular business revaluations ensures the rating system remains closely aligned to market values for business ratepayers and that the new revaluation is completed within a 3-year period.
LPS will publish draft business rate values online in the Autumn of 2025, which businesses will have the opportunity to review, in advance of the new values taking effect in April 2026.
