Local businesses urged to submit evidence for business rates revaluation.
Land & Property Services (LPS), part of the Department of Finance, has contacted over 6,000 business ratepayers in the Newry, Mourne and Down District Council area to collect rental data for the non-domestic rates revaluation – Reval2020. This includes approximately 820 offices, 1485 shops, 750 warehouses and 365 factories in the Newry, Mourne and Down District Council area.
Business ratepayers and their advisors must now provide rental evidence to LPS.
In 2017/2018, business rates in the Newry, Mourne and Down District Council area generated over £42 million to help fund local and regional services.
Letters explaining how ratepayers can submit information have been sent to occupiers of commercial premises. Most ratepayers will be able to submit their details online. LPS will use this information to analyse the current market and assess the rental value of every rateable property. The new values will be used to calculate individual business rate bills from 1 April 2020.
Alan Brontë, Commissioner of Valuation for Northern Ireland said: “This is a key stage in the process of revaluing properties occupied by businesses and other bodies. I would urge all business ratepayers in the Newry, Mourne and Down District Council area to submit the necessary information to enable us to ensure their business rates are accurate. Regular revaluations maintain fairness in the rating system by ensuring business rates adjust to reflect changes in the property market.”
Tracy Flannigan, RICS Northern Ireland Commercial Property spokesperson, said: “Regular Revaluations are necessary to ensure that changes in rental values are accounted for in the spread of rates and it is important that businesses provide the information required. Doing so helps ensure that there is greater certainty, consistency and stability reflecting local economic conditions and ultimately making the rating system fairer.”
Further information and the online Rent and Lease Questionnaire can be found at:
www.finance-ni.gov.uk/reval-2020-ni
A helpline 0300 200 7801 is in place to help ratepayers with any queries regarding completion of the online Rent and Lease Questionnaire.
