Land & Property Services (LPS) have recently announced that they are revaluing all non-domestic properties in Northern Ireland for business rates. This is known as Reval 2023.
The last revaluation of business properties in Northern Ireland was in 2020 and was based on April 2018 rental values. Regular revaluations ensure that the rating system stays up-to-date and reflects local economic changes.
LPS will begin collecting property information from business ratepayers later in 2021. This important information will form a database of new rental values as at 1October 2021. These new rental values will be used to calculate rate bills for businesses and organisations from April 2023.
For further professional advice on Reval 2023 please speak to the Rating Team in McKibbin.