ReVal2023 – your questions answered

Agenda:

10:30am   Event Begins

• Anna Doherty, CEO, Londonderry Chamber of Commerce welcomes attendees and introduces LPS team         
• Angela McGrath, Commissioner of Valuation and Gary Humphrey, NI Reval2023 Project Manager present
• Q & A with Chamber members
• Opportunity for 121 discussions with valuers to discuss individual valuation

12.00pm      Event ends

Event Overview

Land & Property Services (LPS) has released draft valuations of almost 75,000 businesses in Northern Ireland. Known as Reval2023, this revaluation process will result in a new non-domestic Valuation List being used to calculate business rate bills from April 2023.

As with all revaluations the outcome can vary for an individual property, and not all ratepayers will see a reduced rateable valuation. Some sectors and locations have experienced above average growth.

64% of properties will see no change or their rateable value decreasing under Reval2023. This compares with 60% under Reval2020.  Around 75% of non-domestic properties here are entitled to some form of rate relief, such as Small Business Rates Relief, Industrial De-Rating or Sport and Recreation Relief.  In all but a very small number of cases, these reliefs are not affected by the revaluation.

LPS encourage local businesses to go on and have a look at their new valuation, prior to this event.  https://valuationservices.finance-ni.gov.uk/DraftSchedule/Search