Northern Ireland commercial property rates bills to be recalculated

By Neil Logan

The Department of Finance has announced that it will revalue more than 75,000 commercial properties in Northern Ireland for the purpose of calculating rates bills.

Retail units, offices, factories and other commercial properties will be revalued over a two and a half year period, with a new valuation list expected to be in use from April 2010. The last valuation of Northern Ireland commercial properties was completed in 2015, with the previous one taking place ten years previously.

The 2015 valuation resulted in many businesses in central Belfast and towns throughout Northern Ireland having their rate bills reduced, with increases being reserved for large supermarkets, retail parks and operators of large wind farms.

The Department of Finance says the revaluations are required to ensure that the rating system is "more up to date, better reflecting local economic changes and making the system fairer". The rateable value of a property is worked out by multiplying the net annual value (NAV) by the 'rate in the pound'. The NAV is the amount of annual rent that could reasonably be charged if the property was to be let out.

If you require legal advice from a commercial property solicitor in Northern Ireland contact Wilson Nesbitt in Belfast by clicking here.