2015 RATES REVALUATION UPDATE – YOU CAN’T AFFORD TO IGNORE THE CHANGE!
19 November 2014In April 2013 we sent out our Rating Revaluation information leaflet to raise awareness of the revaluation of all non domestic property in Northern Ireland with effect from 1 April 2015. As that date draws closer we are now providing an update on progress.
What’s Been Happening?
The Government Valuation Department (Land & Property Services) have been working over the last 18 months to produce updated valuations of the 73,000 non domestic properties in Northern Ireland. They recently published a list of all draft valuations and this can be found at http://draftvalues.dfpni.gov.uk/What’s The Effect?
The purpose of the revaluation is to redistribute the rates burden to reflect the relative fortunes of certain property types and locations since the last revaluation – 1 April 2003. Whilst the overall value of the list has increased 8% individual valuations may have moved up or down considerably more than 8%. This movement in your valuation will determine whether you are a winner or a loser.
Specifically the following trends can be identified:
- Reduced shop valuations throughout most town centres, Belfast city centre and most shopping centres.
- Increased valuations on supermarkets and many out of town retail parks.
- Offices up 6% in Belfast city centre and up 19% outside Belfast.
- Warehouses and manufacturing premises experience little change.
- Reduced valuations for smaller and rural licensed premises but increased valuations for super pubs and recently trendy locations.
Regardless of whether your valuation has gone up or down we recommend you appoint an experienced rating practitioner to advise and to take steps to ensure you do not pay more rates than you need to. There is a statutory 3 stage appeal process which if successful should save you money.
Why Appoint Osborne King?
We have unrivalled experience and resources to provide the advice you require and to undertake appeals as necessary. Following the last revaluation we saved our clients in excess of £5 million.
Our Rating Team is headed by Robert Watson FRICS ACI ARB who has over 30 years relevant experience.
We operate a cost effective, competitive, fee basis tailored to suit your needs.
For further information contact:-
Robert Watson FRICS ACI ARB
Tele: 028 90 270000
Lisa Murphy MSci
Tele: 028 90 270000