LPS is revaluing all business properties in Northern Ireland and the new values will be used to calculate rate bills for businesses and organisations from April 2020. The revaluation will ensure that the rating system stays up-to-date, reflects local economic changes and makes the system fairer by redistributing rate liability fairly across all sectors in line with changes in market rental values.
Letters have already been sent to businesses and properties owners requesting information and the timescale for the revaluation is as follows:
April 2018: LPS sent letters and Rent and Lease Questionnaires (RALQs) to the occupiers of all relevant non-domestic properties across Northern Ireland, requesting current lease and rent details.
June 2018: LPS will send reminders to all occupiers of all relevant non-domestic properties who have failed to make any return.
The rental information you supply will be analysed and reviewed to produce new rateable values in the new Valuation List.
Autumn 2019: LPS will publish a draft schedule of values online where you will be able to check your valuation and compare it with similar property types.
April 2020: Rate bills based on the new rateable values will issue.