Businesses are encouraged to get involved ahead of rates revaluation

BUSINESS ratepayers in Banbridge are being encouraged to get involved as the non-domestic rates revaluation gathers pace.

Land & Property Services (LPS) has now issued letters to the occupiers of almost 50,000 business premises seeking rental information as part of the revaluation exercise.

Alan Bronte, Commissioner of Valuation for Northern Ireland said: “Ratepayers have been calling for a revaluation of business properties for some time. This exercise is now well underway and letters explaining how to submit information and what you need to do have been issued. I would encourage all business ratepayers to play their part and submit the necessary information to enable us to carry out a fair and robust revaluation.”

The letters that have issued provide instructions for business ratepayers on how to submit their information to LPS; most will be able to submit their details online which will allow for faster data input for businesses. Explanatory information about the process and the revaluation exercise in general is now available on a new dedicated website

Support for the revaluation also came from Wilfred Mitchell OBE, Policy Chair of the Federation of Small Businesses in Northern Ireland: “Businesses right across Northern Ireland need to play their part in this important revaluation. The economic environment has changed dramatically since the last revaluation and this is an opportunity to get the right value placed on premises. If you have received a letter from Land & Property Services requesting information about your non-domestic property please do respond immediately. This revaluation is important and long-overdue so businesses must get involved.”

Adding his voice to the call for local businesses to support the exercise is Stephen Dunlop, Regional Chair for the Association of Town Centre Managers: “Today business rate bills are calculated using 2001values, after the revaluation they will use 2013 values. This will correct the imbalance that currently exists in the rating system. It is therefore hugely important that businesses contribute to the exercise and provide the rental information that LPS is requesting.”

A new Valuation List will be used from April 2015 as the basis for business rate bills.