Draft valuations of all 5,500 businesses in the Derry City and Strabane District Council area have been released by Land & Property Services (LPS).
Known as Reval2020 – the process will result in a new non-domestic Valuation List being used to calculate business rate bills from April. Business rates are charged on most non-domestic premises including shops, offices, factories, hotels and pubs. The results show a modest growth in the total value in this District Council area of seven per cent compared to the current Valuation List which is based on 2013 values.
Sue Gray, Permanent Secretary at Dept. of Finance, said: “The revaluation means that from April, ratepayers will contribute to the funding of essential public services such as health, education and infrastructure as well as a wide range of council services relative to their 2018 rental value, instead of 2013 values as at present. The growth in the total value of the Valuation List does not translate into a corresponding overall increase in rate bills. I will be seeking to ensure that the regional business rate poundage that we set is lowered to reflect the overall growth in the Valuation List. I will also be encouraging councils to do the same in respect of district rate poundages reflecting the fact that revaluation is not about raising more revenue overall from rates.”
If rate poundages are adjusted downwards by both central government and district councils (before any necessary cost of inflation) this would mean up to 59% of business ratepayers would either see a reduction or little or no change in their rate bill.
Sue said: “I’m delighted that for the first time we are making the draft valuation list available on our Spatial
NI platform. This will provide ratepayers with greater detail including a breakdown of how their value has been calculated as well as seeing the same information for similar properties in their local area.
“I would encourage business ratepayers to go online and view the new draft values for their properties ahead of rate bills issuing in April.”