Write a commentFrom the first of April the new Rating Revaluation of Commercial property will affect a number of Newry businesses and will see rateable value for offices jump by 38% while the Quays and Buttercrane Shopping Centre rates will reduce by 20%.
The previous rate value was struck in 2003 based on 2001 rental levels so the delay in revaluation has raised quite a few issues in the rates list to be corrected. There won’t be an overall increase in rates revenue but there will be a rebalance to reflect movement in property values. The rate in the pound for the new Newry, Mourne and Down Council will be approx. 58p to 53.8p and this will partially offset any rates increase explains Brian Clarke, Surveyor, Best Property Services.
In Newry and Mourne some 3,949 properties including approximately 1200 shops, 730 offices and 99 public houses will be affected.
“As a result of the revaluation, rateable values for offices in general have risen by 38%, shops by 10% and warehouses up by 15%.
“It’s not all rises though - some properties will have a reduction rateable valuation notably both the shopping centres in Newry which will have a 20 % reduction in their assessment,” Brian adds.
There are approximately 73,000 properties across NI affected by the revaluation and property owners will receive notification form Land and Property Services advising them of their new valuation for the new financial year.
“If property owners are concerned about their new valuation there is an appeals process which we can support them through.
“We’re working with a number of property owners at present preparing appeals to be submitted post 1st April. Any appeal would have to be supported with rental evidence that would show that the LPS assessment is wrong and the process has only a 6 month window.”
For more information on Rates Appeals Contact Brian Clarke at Best Property Services, tel 028 3026 6811.
